Cloud kitchen startup Curefoods raised about $43 million in funding led by Winter Capital
- ByStartupStory | June 6, 2022
Curefoods, a cloud kitchen firm, has secured $50 million in a Series C round of investment from new and current investors. The additional funds will be used to grow the startup’s existing brands into new markets and to acquire new brands. In January, the firm announced the acquisition of five direct-to-consumer food companies, with the goal of acquiring 35 by the end of 2022.
Curefoods did not reveal the identities of the new investors or the locations it plans to expand to in its Series C investment. Also, the current fundraising round was headed by venture capital company Crimson Winter.
Curefoods was started in 2020 as a spin-off of EatFit by Ankit Nagori, one of the cofounders of fitness firm Cure.fit. In India, it currently operates over 150 cloud kitchens. EatFit, Yumlane, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammis Biryani, and Canteen Central are among the company’s brands.
Curefoods has raised over $80 million in equity and venture loans in its Series A and B rounds. Iron Pillar, Chiratae Ventures, Accel Partners, and Sixteenth Street Capital invested $62 million in the firm in January of this year. It received $13 million in a Series A investment headed by Iron Pillar in August of last year. In April of this year, Curefoods received an undisclosed investment from Bollywood star Varun Dhawan.
Curefoods competes in the cloud kitchen area with foodtech unicorn Rebel Foods, which has over 450 kitchens in over 60 locations across ten continents. Faasos, Ovenstory Pizza, Behrouz Biryani, Mandarin Oak, The Good Bowl, SLAY Coffee, and Sweet Truth are among Rebel Foods’ brands. According to Tofler statistics, Curefoods had an operational revenue of INR 1.96 crore in FY21 and a loss after tax of INR 1.33 crore.
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