Curefoods, a cloud kitchen startup, has mopped up an additional capital of $25 million in its series D round from Three State Ventures, an amount funded by Flipkart co-founder Binny Bansal. According to Ankit Nagori, Founder and CEO Curefoods, “ the firm scooped up $36 million in the first tranche of Series D and is now valued at $375 million”. According to the latest startup news reported by the data intelligence platform TheKredible, the company has raised more than Z$190 million to date. The ET report disclosed that Bansal invested by buying out Cultfit’s remaining stake in the cloud kitchen platform and from some angel investors.
Curefoods, a four-year-old company, operates brands like Aligarh House Biryani, EatFit, CakeZone, Yumlane and Masalabox. The startup has over 100 kitchens in over 200 locations across 15 cities maintained by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Not only fundraising, the firm also acquired two brands - Millet Express and YumLane Pizza - in 2023. Curefoods’ competitors include Box8 and Rebel Foods, FreshMenu, and a host of independent brands such as Biryani by Kilo and Biryani Blues. It’s worth highlighting that Curefoods is the second largest brand in terms of revenue after Rebel Foods, among the cloud kitchen brands. The revenue of Rebel Foods from operations rose 39.2% to INR 1,195 crore in the accounting year 2023, while Curefoods reported INR 384 crore in revenue followed by EatClub with revenues surpassing INR 300 crore in the same period. A revenue of around INR 300 crore is also claimed by the Biryani By Kilo in the last financial year.
YFS Shares the Opinion on Investments in Curefoods
Your First Startup (YFS) reckons the investments will allow Curefoods to compete strongly in the cloud kitchen segment. The investments can be used by the company to further expand its reach. The latest investment acts as a boost for the company, which is the second-largest brand in terms of revenue in the cloud kitchen market.