Curefoods, a prominent player in the cloud kitchen sector, has recently bolstered its financial standing with an additional infusion of $25 million in its ongoing Series D funding round. This injection of capital, sourced from Three State Ventures, spearheaded by Flipkart co-founder Binny Bansal, further solidifies Curefoods’ position in the market.
This latest round of funding comes on the heels of a substantial initial investment of $36 million in the Series D round, elevating Curefoods’ valuation to a commendable $375 million, as affirmed by the company’s founder and CEO, Ankit Nagori. With this recent influx, Curefoods’ total funding tally surpasses the $190 million mark, as per data collated by the reputable intelligence platform TheKredible.
Binny Bansal’s investment stems from a strategic move, involving the acquisition of Cultfit’s remaining stake in Curefoods, along with contributions from select angel investors, as outlined in a report by ET. Established four years ago, Curefoods operates under a diverse portfolio of brands, including EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone.
The company’s expansive footprint spans over 100 kitchens, strategically located across 200 sites in 15 cities. Underpinning this operational scale is a robust backend infrastructure, comprising seven food factories and 150 multi-brand cloud kitchens. In addition to fortifying its financial backbone, Curefoods has also ventured into brand expansion through strategic acquisitions. In 2023 alone, the company added two brands to its portfolio – YumLane Pizza and Millet Express.
In the competitive landscape of the cloud kitchen sector, Curefoods faces off against industry stalwarts like Rebel Foods and Box8, alongside formidable contenders such as FreshMenu, Biryani Blues, and Biryani by Kilo. Despite the stiff competition, Curefoods stands tall as the second-largest revenue-generating brand within the realm of cloud kitchens, trailing closely behind Rebel Foods.
While Rebel Foods witnessed a robust 39.2% growth in operational revenue, totaling Rs 1,195 crore in FY23, Curefoods reported a commendable revenue figure of Rs 384 crore. Joining the ranks of revenue leaders are EatClub and Biryani by Kilo, each boasting revenues exceeding Rs 300 crore in the preceding fiscal year.