Curefoods raises $62Mn from Iron Pillar, Chiratae Ventures & others

Bengaluru based cloud-kitchen brand Curefoodshas raised $62 million from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Binny Bansal.

While $52 million came in equity funding, $10 million came in debt financing from Alteria Capital, BlackSoil Capital & Trifecta Capital.

Curefoods plans on utilising the investment to continue acquiring major cloud kitchen brands across the country.

Additionally, the company expects to make further inroads by geographically expanding its multi-brand kitchens across the country and building a D2C platform for all its brands.

“The online food delivery industry in India is going through a revolutionary phase; the market has shown huge prospects and attracted heavy investments in recent years. Over the next decade, there will be an opportunity to build multiple food brands across cuisines & geographies,” shared Ankit Nagori, founder of Curefoods.

Curefoods has capitalised on its rapid growth rate, transforming into the country’s second-largest cloud kitchen company in quick time. 

The company owns multiple brands and runs over 100 cloud kitchens nationwide.

Curefoods’ growth in the market has vastly outpaced industry norms, with revenue growing 50% Q-o-Q over the last one year.

“Curefoods is a tech-enabled rapidly growing food business characterised by innovation, agility, scale, technology, consumer service, and acquisitions of leader brands and Ankit’s vision to take quality food to a billion Indians in due course excites us,” said Sudhir Sethi, Founder & Chairman at Chiratae Ventures.

Commenting on the same Rashmi Kwatra, Founder & Managing Partner at Sixteenth Street Capital, added, “India’s food landscape is evolving rapidly with online delivery platforms processing millions of orders daily. This allows unique food brands, previously limited by distribution or shelf space, to scale both locally and regionally in a manner we have not seen before.”

Started in 2020, Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens across 12 cities in India. 

Devavrat Jatia, Vice President at Iron Pillar, said, “We are excited to double down on our investment in Curefoods. There is a massive opportunity to build large national and regional food brands in India, and the Curefoods team in a short span has demonstrated their capability to identify, acquire and scale these brands through their experience in technology led distribution, and brand building.”