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Cloud kitchen operator Curefoods has announced the closure of a Rs 300 crore funding round, led by Binny Bansal’s fund with an investment of Rs 240 crore. The round included primary and secondary equity and debt, with participation from IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital. Curefoods plans to use the funding to expand its geographical reach and diversify its brands into offline formats, moving away from its current online-only cloud kitchen presence. The company aims to achieve an ARR of Rs 1,000 crore by the end of 2023 and plans to open 50 more locations with an aim of managing two million orders a month.
Curefoods Founder, Ankit Nagori, stated that the investors are aligned with their long-term goal of creating multiple 500 crore brands. The funding will allow Curefoods to expand its customer base and markets, while also targeting its offline model expansion. In FY2022-23, Curefoods grew over 300% year-on-year, recording a milestone of crossing 1.1 million orders per month, resulting in an annual recurring revenue of Rs 550 crore.
Curefoods raised over Rs 800 crore in 2022 from various investors including Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital. Currently, Curefoods has a presence in over 200 locations in 15 cities, serviced by a backend operation of over 7 food factories and more than 150 multi-brand cloud kitchens. With the recent funding, Curefoods is well-positioned to expand its reach and presence in the Indian food market.