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Tuesday, February 27, 2024

Cloud kitchen startup Curefoods gets $43M to expand, fund new acquisitions

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Curefoods has secured about $43 million in a funding round led by Winter Capital. The cloud kitchen startup will use the money to expand and fund new acquisitions.

Curefoods secured around $43 million (Rs 331 crore) in a fundraising round headed by Winter Capital, with a contribution of approximately $14.7 million.

Winter Capital’s recent investments in India include Pristyn Care, a healthcare business, and Money View, a fintech firm.

The round was funded by $5.8 million from Three State Capital. According to regulatory documents, existing investors Chiratae Ventures contributed $1.6 million, Accel contributed $3.9 million, and Iron Pillar contributed $10 million.

According to the documents, Curefoods, helmed by former Flipkart CEO Ankit Nagori, has also received around $500,000 in loans from venture debt company Alteria Capital.

Curefoods, which was founded in 2020, has received around $120 million to far, including the most recent round. It merged with rival Maverix earlier this year, and the combined business has roughly 125 cloud kitchens spread over 12 cities, including Delhi, Mumbai, and Bengaluru.

The Bengaluru-based firm is aiming to build a multi-brand play, akin to the US-based Thrasio, which pioneered the business of acquiring and growing Amazon brands.

Curefoods also buys, incubates, and licenses other food brands. Its portfolio includes 20 brands, 15 of which have been totally purchased.

To mention a few, it presently operates EatFit, Yumlane, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammi’s Biryani, Canteen Central, and Homeplate.

It intends to use the new funds to expand into new markets and fund new acquisitions. Cloud kitchens, which are culinary facilities dedicated to producing meals for delivery solely, have thrived as a result of the Covid-19 epidemic.

Rival Rebel Foods has set aside $150 million for strategic brand investments and acquisitions.

According to Nagori, the company is purchasing a mix of small brands with annual revenue runs of Rs 8-10 crore and those with the potential to develop nationwide and become Rs 100 crore enterprises.

Its top three brands account for half of its sales, while the next three account for a quarter.


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