Cloud kitchen startup Curefoods has secured $62 Mn from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital and Accel Partners. Flipkart cofounder Binny Bansal also participated in the round. While $52 million came in equity funding, $10 million came in debt financing from Alteria Capital, BlackSoil Capital and Trifecta Capital, Curefoods said in a statement.
Founded by former Flipkart employee Ankit Nagori, the startup owns multiple brands and runs over 100 cloud kitchens nationwide. Curefoods growth in the market has vastly outpaced industry norms, with revenue growing 50% quarter-on-quarter over the last year. Nagori-who cofounded Curefit along with Myntra founder Mukesh Bansal, later started Curefoods in 2020.
“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 and geographies. With the fund infusion, we plan on expanding across geographies, and meeting newer customer expectations,” said Ankit Nagori, Founder, Curefoods.
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Cloud kitchens, which are cooking facilities devoted to preparing delivery-only food, have flourished on the back of the pandemic. The number of cloud kitchens on Swiggy tripled between FY19 and F21 and doubled on Zomato from January 2020. Industry leader Rebel Foods, the owner of Faasos Behrouz Biryani and OvenStory, recently turned unicorn.
“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,” said Devavrat Jatia, Vice President at Iron Pillar.