[Funding alert] Curefoods raises $62M from Iron Pillar, Chiratae Ventures, Sixteenth Street, Accel Partners & Binny Bansal
Cloud kitchen companyhas 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 & Trifecta Capital.
Founded by Ankit Nagori, a former senior executive at Flipkart, the startup with a Thrasio-like model recently acquired five 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.
According to a statement from the company, Curefoods plans on utilising the investment to continue acquiring major cloud kitchen brands. 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. With the fund infusion, we plan on expanding across geographies, and meeting newer customer expectations,” said Ankit.
In October 2021, Curefoods acquired seven D2C food brands including CakeZone, MasalaBox, Paratha Box, Ammi’s Biryani, two Hyderabad-based pizza brands — Olio and Crusto, and Chaat Street.
Curefoods has made these acquisitions to strengthen its house of brands strategy. Starting its operations in 2020, the startup already has over 100 cloud kitchens across 12 cities.
Curefoods’ growth in the market has vastly outpaced industry norms, with revenue growing 50 percent Quarter on Quarter over the last one year, the company claimed in the statement.