Curefoods received nearly $10 M debt from Binny and Jitender Kumar Bansal
Another Rs 80 crore, or $9.6 million, has been raised by cloud kitchen startup Curefoods, but this time it is in debt from Binny and Jitender Kumar Bansal. In the last six months, the Bengaluru-based company has raised funds twice.
According to the ROC filings, the company received an unsecured member deposit in accordance with the terms of the loan agreement between the two investors and Binny Bansal, which allowed for the acquisition of a Rs 80 crore loan from them.
Curefoods received $25 million in Series D funding in March from Three State Ventures, a fund established by the co-founder of Flipkart. Media reports that it has raised over $200 million so far.
As part of its Series D round, Curefoods is reportedly in talks to raise $40 million through a combination of primary and secondary transactions, according to a Moneycontrol report. The company may be valued at $500 million or more.
Curefoods, which was founded in 2020, is the company behind the EatFit, Yumlane, Masalabox, CakeZone, and Aligarh House Biryani brands. It has 150 multi-brand cloud kitchens and more than 100 kitchens spread across 200 locations in 15 cities, all supported by more than 7 food factories on the backend.
In 2023, the company not only raised money back-to-back but also bought two brands: YumLane Pizza and Millet Express. It made a Rs 10 crore ($1.2 million) investment in Hogr, a social network that facilitates restaurant and food discovery, in December.
After Reebel Foods, Curefoods has become the second-biggest participant in the cloud kitchen. Curefoods has not yet released its FY24 revenue figures, but in FY23 it reported revenue of Rs 384 crore. In FY24, Rebel Foods’ operating revenue amounted to Rs 1,420 crore. The next two noteworthy businesses in the sector, with revenue exceeding Rs 300 crore in FY23, are EatClub and Biryani By Kilo.
