Cloud kitchen operator Curefoods raises Rs 300 crore in funding round led by Binny Bansal’s Three State Capital Fund

• ByStartupStory     |    April 6, 2023

Bengaluru-based Curefoods, a cloud kitchen operator in India, has raised Rs 300 crore in a funding round led by Binny Bansal’s Three State Capital Fund. The investment round included a mixture of equity and debt, with IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital also participating.

Curefoods plans to use the funds to strengthen its presence across multiple geographies and expand its services in Tier 1 and Tier 2 cities in the North and Western Parts of India. It also aims to foray into the offline market from its online-only cloud kitchen model.

Ankit Nagori, the founder of Curefoods, expressed his delight at having the continued support of all their existing investors, who have played a major role in the company’s growth and expansion. He added that the funding would allow Curefoods to reach new customers and markets while targeting its offline model expansion.

Curefoods achieved a 300 per cent year-on-year growth in the financial year 2022-23 and recorded 1.1 million orders per month in December 2022, resulting in an annual recurring revenue of Rs 550 crore.

 

Nagori also stated that Curefoods is excited about the future of consumer brands and looks forward to innovating and leading brands in this space for India while delivering authentic and nutritious food to many Indians according to the Indian taste palette.

Curefoods had previously raised more than Rs 800 crore in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital in January 2022. With the latest funding round, Curefoods is well-positioned to continue its growth trajectory and achieve its long-term goal of creating multiple 500 crore brands.

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