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Curefoods raises $62mn from Iron Pillar, Chiratae Ventures & more
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Friday, 14 January, 2022, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Curefoods, India’s fastest growing cloud kitchen company, unveiled an investment of $62 million. Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Binny Bansal participated in the round. While $52 million came in equity funding, $10 million came in debt financing from Alteria Capital, BlackSoil Capital & Trifecta Capital.
It 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.
It 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. Its growth in the market has vastly outpaced industry norms, with revenue growing 50% Q-o-Q over the last one year. As an industry leader, it aims to take advantage of the massive opportunities available in the digital-first food market through its ever-growing portfolio of brands.
Ankit Nagori, founder, Curefoods, said, “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.”
Sudhir Sethi, founder and chairman, Chiratae Ventures, said, “Chiratae is pleased to participate in this round backing Ankit and the Curefoods team. Curefoods is a tech-enabled rapidly growing food business characterised by innovation, agility, scale, technology, consumer service, and acquisitions of leader brands. These brands include EatFit, CakeZone, Aligarh House, and Junos among others. Ankit’s vision to take quality food to a billion Indians in due course excites us.”
Rashmi Kwatra, founder and managing partner, Sixteenth Street Capital, said, “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. Curefoods is led by an experienced and extremely execution-focused team. Their house of brands platform will allow individual food brands to navigate the challenges of scaling, and leverage off each other’s scale to build larger, more profitable and more durable businesses.”
Devavrat Jatia, vice president, 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.”
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