Curefoods Raises $62 Million The funds will be utilized to acquire major Cloud kitchen brands across the country
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Curefoods, India's fastest growing Cloud kitchen company, announced an investment of $62 million today. 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 and Trifecta Capital.
Curefoods plans to utilize the investment to acquire 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.
"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 of Curefoods.
"Chiratae is pleased to participate in this round backing the Curefoods team. Curefoods is a tech-enabled rapidly growing food business characterized by innovation, agility, scale, technology, consumer service and acquisitions of leading brands. These brands include EatFit, CakeZone, Aligarh House, Junos among others. Ankit's vision to take quality food to a billion Indians in due course excites us," Sudhir Sethi, founder and chairman at Chiratae Ventures.
Curefoods is a leading Cloud kitchens operator in India. It commenced operations in 2020. It operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens across 12 cities in India.
