Curefoods and Maverix merge to form cloud kitchen giant
Cloud kitchen company Curefoods has announced a merger with Maverix, a Mumbai-based food tech player which has raised funds in the past from the likes of Accel Partners, Zephyr Peacock, and Swiggy.
The merger would allow Maverix to accelerate its manufacturing capabilities and market presence.
Following the merger with Maverix, which operates over 50 outlets across Delhi, Mumbai, and Bengaluru,has become the second-largest cloud kitchen player in India in terms of footprint, with the largest manufacturing capability in the fresh food space, according to a statement.
This also takes Curefoods’ market presence to 125 kitchens across 12 cities catering to over 10 cuisines.
“At Curefoods we are on an ambitious path to build the strongest food brands in the market with a digital-first strategy. Maverix is one such company with significant experience and market know-how and has also created stellar food brands that are recognised and loved in key markets,” said Ankit Nagori, Founder, Curefoods.
“Together, we now have the largest manufacturing capability in the fresh food space. We are confident that our combined growth and stronger-than-ever platform will benefit our consumers on their quest for the best food options in India.”
Curefoods, which now operates more than 15 food brands, will also assimilate Maverix’s marquee brands including Great Indian Khichdi, Canteen Central, and Home Plate.
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“This game-changing merger comes at a time when the Indian cloud kitchen ecosystem is thriving and presents numerous opportunities for growth and scale. We believe that Curefoods’ digital brand creation expertise, tech prowess, and strong market penetration along with our supply chain expertise, efficient kitchen operations and experience in creating top food brands make for the right synergy,” said Shripad Nadkarni, Founder Director, Maverix.
“We are confident that under Ankit’s strong leadership, we will be able to make significant headway in this space,” he added.
Earlier this month, Curefoods had raised $62 million in a fresh round of funding. While $52 million was raised in equity funding from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, and Flipkart founder Binny Bansal, $10 million came in debt financing from Alteria Capital, BlackSoil Capital and Trifecta Capital.
Executive-turned-entrepreneur Ankit Nagori has been on a dealmaking spree since he began cloud kitchen startup Curefoods. In a House of Brands model, Curefoods has recently acquired D2C food brands across the country including Mumbai-based legacy pizza brand Juno’s Pizza, Bengaluru-based cupcake brand Cupcake Noggins, Bengaluru-based organic ice cream brand Iceberg, Delhi-based pizza delivery startup Nomad Pizzas, and Jaipur-based multi-brand cloud kitchen company White Kitchens.