DATE OF ANNOUNCEMENT:
6 April 2023
COMPANY'S LEGAL NAME: CUREFOODS PRIVATE LIMITED
Curefoods is an Indian Cloud Kitchen brand that was established in 2020. This startup was founded by Ankit Nagori and is headquartered in Bengaluru.
FUNDING TILL DATE: ₹950 crores
TYPES OF FUNDING:Series D
VALUATION : Not disclosed
The cure foods has 10 investors and it’s recent investors includes Flipkart co-founder Binny Bansal's venture capital firm Three State Ventures. IronPillar, Chiratae Ventures, ASK Finance and Winter Capital also participated in the round.
- Curefoods is one such Cloud Kitchen startup that was established to provide healthy and loving food to customers through its multiple brands.
- Utilizing the prevailing public admiration and anticipated future demand for Cloud Kitchens, Curefoods is marching on the path of growth and expansion.
- Curfoods is a beverage and food industry which focuses on production of foods, their processing, preservation, and distribution to people being one of the largest industries in the world.
- The revenue from this sector in India amounted to $858 billion in 2022 as per Statista reports. India currently ranks third in terms of revenue led by China and the US The food industry is expected to grow by 8.17% CAGR in the next five years.
- This company operates through various brands under its control and is continuously expanding its business through acquisitions, mergers and funding.
- Curefoods is estimated to be valued at a little less than $400 million after its Series C funding in June 2022. After its merger with Maverix in January 2022, Curefoods became the second-largest Cloud Kitchen brand in India.
- It aims at feeding people the food they love that remains nutritious and healthy at the same time. Curefoods has incorporated technology and modern solutions on all its fronts, like cooking, packaging, waste management, etc., to ensure its long-term sustainability in the market.
- Curefoods managed to raise a sum of $183.3 million from various investors through the 8 funding rounds it has witnessed to date.
- Nora Fatehi has last invested an undisclosed amount in Curefoods after the company witnessed the Series C funding round where it received funds close to $50 mn from Chiratae Ventures, Accel, Alteria and more, on June 1, 2022. The company has also previously seen Bollywood actor Varun Dhawan investing in it.
- A Tofler report summed up Curefoods' revenue from operations at Rs 1.96 crore and mentioned that the overall losses of Curefoods were registered at Rs 1.33 crore in FY21.
- Last month, Swiggy sold its cloud kitchen business, Swiggy Access, to Bengaluru-based Kitchens@ as part of an effort to reign in costs by scaling down unprofitable businesses.
- In December last year, Curefoods crossed 1.1 million orders per month, resulting in an annual recurring revenue of Rs 550 crore, the company said in a statement.
Ankit Nagori, Founder of Curefoods said “"This funding will allow us to reach new customers and markets while also targeting our offline model expansion,"
PURPOSE OF FUNDING :
The latest funding will be used to upgrade the offline model and to reach more customers .
Its competitors include Rebel Foods, Box8, Biryani By Kilo, FreshMenu.
Source:Economics times, crunchbase, Inc