Curefoods raises $6.6M in debt from BlackSoil Group
Curefoods's debt raise comes as the company looks to hit EBITDA breakeven and cross Rs 900 crore by the end of current financial year.
Cloud kitchen house of brands Curefoods has raised $6.6 million in debt from BlackSoil, along with participation from Binny Bansal and Caspian Investments.
According to Registrar Of Companies (RoC) filings, the cloud kitchen startup offered 800 Series D Debentures to BlackSoil to raise Rs 40 crore. It offered 200 debentures to Caspian for Rs 10 crore, while longtime backer Binny Bansal and Jitendra Kumar Bansal together added Rs 6.39 crore for 595 Series D1 Compulsorily Convertible Cumulative Preference Shares.
The development was first reported by The Entrackr.
Curefoods operates brands like Nomad Pizza, Olio Pizza and Sharief Bhai biryani. The company also acquired South and West operations for Krispy Kreme. YourStory reported the move first.
According to media reports, Curefoods currently expects to touch Rs 900 crore in revenue in the current financial year, a 50% growth from FY24. It last raised Rs 300 crore ($36 million) funding round led by Flipkart co-founder Binny Bansal's venture capital firm Three State Ventures. IronPillar, Chiratae Ventures, ASK Finance and Winter Capital. The round was mix of primary and secondary infusion.
In December last year, its peer Rebel Foods raised $210 million in a mix of primary and secondary round led by Temasek along with Evolvence.
Edited by Jyoti Narayan