In a significant move within the culinary landscape, Curefoods, a prominent player in the cloud kitchen sector, has secured a $25 million investment in its Series D round from Three State Ventures, spearheaded by Binny Bansal, the co-founder of Flipkart.
This latest infusion of capital adds to the momentum generated by Curefoods, which had earlier raised $36 million in the initial tranche of its Series D funding, propelling the company’s valuation to an impressive $375 million, as revealed by Ankit Nagori, the founder and CEO of Curefoods.
Binny Bansal’s involvement in the Investment is notable, as it includes the acquisition of Cultfit’s remaining stake in Curefoods, along with contributions from select angel investors, according to a report by ET.
Established four years ago, Curefoods has swiftly emerged as a dynamic force in the cloud kitchen domain, boasting a diverse portfolio of brands such as EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. With a robust operational framework comprising over 100 kitchens across 200 locations in 15 cities, supported by a network of seven food factories and 150 multi-brand cloud kitchens, Curefoods exemplifies innovation and efficiency in the food delivery ecosystem.
In addition to securing investments, Curefoods has demonstrated strategic acumen through its acquisitions, having assimilated two brands—YumLane Pizza and Millet Express—in 2023. These manoeuvres underscore the company’s commitment to expanding its market presence and diversifying its offerings.
Competing in a landscape dominated by players like Rebel Foods and Box8, alongside challengers such as FreshMenu, Biryani Blues, and Biryani by Kilo, Curefoods has carved a niche for itself. It has emerged as the second-largest revenue-generating brand among cloud kitchen entities, trailing only behind Rebel Foods.
Notably, Rebel Foods reported a 39.2% revenue growth, reaching Rs 1,195 crore in FY23, while Curefoods recorded revenues of Rs 384 crore during the same period. Furthermore, EatClub and Biryani By Kilo have also demonstrated formidable revenue figures, exceeding Rs 300 crore each in the last fiscal year.
Binny Bansal’s strategic Investment through Three State Ventures not only underscores his confidence in Curefoods’ potential but also signifies a pivotal moment in the evolution of the cloud kitchen landscape. As Curefoods continues to innovate and expand its footprint, fueled by this substantial Investment, it is poised to redefine the future of food delivery and consumption in India’s burgeoning market.
