Cloud Kitchen Startup Curefoods Raises $50 Million In Funding
Curefoods, a cloud kitchen startup, has raised $50 million in a Series C funding round led by Winter Capital, Three State Capital, Chiratae Ventures, and Accel.
As per the cloud kitchen startup, the raised funds will be used to expand its existing brands in new geographies and acquire new brands.
Curefoods | Building Tomorrow’s Food Brands Today
Founded by former Flipkart executive and Cultfit founder Ankit Nagori in 2020, Curefoods, with a Thrasio-like model, has been acquiring and incubating multiple cloud-kitchen brands in the last few months.
Earlier this year, Curefoods acquired five food brands, taking its total number of acquired brands to 20, with plans to acquire another five by mid-2022. Iron Pillar, Nordstar, Binny Bansal, Adil Allana, Rashmi Kwatra, Lydia Jett, and Kunal Shah are some of the existing investors in the startup.
Having started operations in 2020, the startup operates brands like Paratha Box, MasalaBox, Cake Zone, Ammi’s Biryani, pizza brands Olio and Crusto’s, and Chaat Street. Curefoods, earlier this year, merged with rival Maverix and now has 125 cloud kitchens across 12 cities, including Mumbai, Delhi and Bengaluru.
In January 2021, the cloud kitchen startups raised $62 Mn from Iron Pillar, Chiratae Ventures, Accel Partners and Sixteenth Street Capital. As per data from Tofler, Curefoods reported operating revenue of Rs 1.96 Cr in FY21, while its loss after tax stood at Rs 1.33 Cr.
Curefoods competes with Rebel Foods, a foodtech unicorn that operates over 450 kitchens with brands like Faasos, Ovenstory Pizza, Behrouz Biryani, Mandarin Oak, The Good Bowl, SLAY Coffee and Sweet Truth.
In the past few years, cloud kitchen startups in India have been witnessing a growing trend. As per data from Tracxn, total funding for cloud kitchen startups doubled in 2021 to $234.2 million (as of October) from $112.4 million in all of 2020.
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