Cloud kitchen startup Curefoods raised additional $25 M from Three State Ventures
In its Series D round, cloud kitchen startup Curefoods has raised an additional $25 million from Three State Ventures, a fund that was started by Binny Bansal, a co-founder of Flipkart.
Curefoods founder and CEO Ankit Nagori claims that the company, which raised $36 million in the first tranche of Series D funding, is currently valued at $375 million. According to the media, the amount raised to date has exceeded $190 million.
According to an ET report, Bansal invested by purchasing some angel investors’ shares as well as Cultfit’s remaining interest in the cloud kitchen platform.
The four-year-old Curefoods is the owner of the EatFit, Yumlane, CakeZone, Masalabox, and Aligarh House Biryani brands. 150 multi-brand cloud kitchens and more than 100 kitchens spread across 200 locations in 15 cities are supported by a backend operation consisting of more than 7 food factories.
In addition to raising money, the business bought Millet Express and YumLane Pizza in 2023.
Curefoods competes with Box8, Rebel Foods, FreshMenu, and several other independent brands like Biryani by Kilo and Biryani Blues.
Curefoods is the second-biggest brand among cloud kitchen brands in terms of revenue, right behind Rebel Foods.
Rebel Foods reported operating revenue of Rs 1,195 crore in FY23, up 39.2% from the previous year. Curefoods and EatClub also reported revenue exceeding Rs 300 crore during the same period. In the most recent fiscal year, Biryani By Kilo also reported revenue of about Rs 300 crore.
