Curefoods secured $10 million
Curefoods has secured Rs 80 crore (approximately $9.6 million) in a recent debt round which was led by Binny Bansal and Jitender Kumar Bansal. It is a Bengaluru based kitchen startup and this funding marks the second fundraising effort by the company in the past six months, demonstrating the ongoing growth path in the competitive food delivery market.
Although it is the second time fundraising for the firm, it is as a debt from Binny Bansal and Jitender Kumar Bansal.
The company had been launched in 2020 and operates brands like Aligarh House Biryani, Masalabox, CakeZone, EatFit and, CakeZone. Curefoods consists of over 100 kitchens in more than 200 locations across 15 cities with the help of backend operation of over 7 food factories and 150 multi-brand cloud kitchens.
Financial health of the company
Fortunately for Curefoods, it has emerged as the second largest player in the cloud kitchen industry, leading to it is Reebel Foods. It has reported a revenue of Rs 384 crore in the financial year 2023, whereas its 2024 revenue are yet to arrive.
Reebel Foods revenue reached to Rs 1,420 crore in the financial year 2024. The next notable companies in the landscape are Biryani By Kilo and EatClub with a revenue of more than Rs 300 crore in 2023.
Despite the recurring fundraising, the company has also acquired two major brands- Millet Express and YumLane Pizza in the year 2023. In December, it allocated $1.2 million (Rs 10 crore) in Hogr, which is a social platform that facilitates food discovery and restaurant.
The co-founder of Flipkart, Binny Bansal, has supported the funding and till date the firm has raised up till $200 million.
Future Plans of Curefoods with the funding
According to the report, the firm aims to raise a breakthrough $40 million as part of its Series D round in both of primary and secondary transactions. If the aim is successful and the company is fortunate enough to get the aimed funding, the firm’s valuation might even cross the $500 million mark soon.
As per the company, it plans to expand its expertise with the funding by targeting more of the places, introducing new cities and its reach all through the country.
About the company
Curefoods is a food tech company which is based in India. Its focus in on creation and scaling of enormous restaurant brands. The company had been founded by Ankit Nagori, and aims to transform the dining experience and food delivery, which could be achieved by a combination and merging of cloud kitchens and innovative culinary concepts or plans.
It functions many popular food brands and is well known for its maximizing technology to simplify the operations and enhance customer’s experience.
The company gives a brief emphasis on convenience, quality and sustainability in their offerings which makes them a notable player in the rapid moving food tech path.
Summary
Curefoods has secured Rs 80 crore (approximately $9.6 million) in a recent debt round which was led by Binny Bansal and Jitender Kumar Bansal.
The co-founder of Flipkart, Binny Bansal, has supported the funding and till date the firm has raised up till $200 million.
It has emerged as the second largest player in the cloud kitchen industry, leading to it is Reebel Foods. It has reported a revenue of Rs 384 crore in the financial year 2023, whereas its 2024 revenue are yet to arrive.
If the aim for series D round is successful and the company is fortunate enough to get the aimed funding, the firm’s valuation might even cross the $500 million mark soon.
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