Curefoods Cooks Up More Funding for Offline Expansion

Preeti Bali / 1:56 pm / March 19, 2024

Bengaluru-based cloud kitchen company Curefoods has secured another helping of funding, this time a hefty INR 200 crore (roughly $25 million) from Three State Ventures, the investment fund of Flipkart co-founder Binny Bansal.

This latest infusion brings Three State Ventures’ total investment in Curefoods to INR 500 crore, valuing the company at approximately INR 3,000 crore after the funding (post-money valuation). Moneycontrol, a financial news outlet, reported on this development.

Curefoods plans to use the fresh funds to bolster its offline business, specifically focusing on popular brands like Nomad Pizza and Sharief Bhai Biryani.

Funding for Cure Foods Continues to Rise as Bansal’s Investment Strengthens the Current Round

This additional investment from Bansal comes as part of Curefoods’ ongoing funding round that began in April 2023, where they secured INR 300 crore. Back then, the startup revealed the funding included a mix of primary and secondary equity along with debt, with Three State Ventures leading the round with a contribution of INR 240 crore.

The news follows Curefoods’ appointment of former Tata Starbucks CEO Avani Davda to its board in December last year.

Founded in 2020 by Ankit Nagori, Curefoods boasts a portfolio of brands including EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle. The company claims to operate over 200 cloud kitchens and physical stores, catering to more than 10 cuisines across 15 Indian cities.

Curefoods is also on an aggressive expansion spree within the food industry. Last October, they acquired Yumlane, a food tech startup, for an undisclosed amount.

Millet Express, a startup in Hyderabad, has received strategic investment from Curefoods.

Earlier in July, Curefoods made a strategic investment in Millet Express, a Hyderabad-based millet startup, to support its growth and broaden the reach of millet-based products.

This investment in Millet Express came shortly after Curefoods secured INR 300 crore ($37 million) in a funding round led by Three State Ventures, again featuring a mix of primary and secondary equity along with debt.

Prior to this, Curefoods acquired several other startups, including Masala Box (subscription-based home-cooked meals), Paratha Box (Indian breakfast), CakeZone (online confectionery), Ammi’s Biryani (biryani brand), Olio and Crusto’s (pizza brands), and Chaat Street (online chaat brand).

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