Cloud Kitchen Operator Curefoods Raises Rs 300 Crore in Latest Funding Round

Cloud kitchen operator Curefoods has raised Rs 300 crore in the latest round of funding. The round was led by Binny Bansal’s fund Three State Capital with an investment of Rs 240 crore along with other participants like IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital. With the money it raises, Curefoods aims to diversify its brands into offline formats and broaden its geographic reach from its current online-only cloud kitchen footprint.

Curefoods experienced over 300% year-over-year growth in the final fiscal year of FY 2022–23. Compared to the brand’s income from the prior year, this represents a remarkable increase. In the North and West of India, Tier 1 and Tier 2 towns are where Curefoods wants to grow this year. In the upcoming years, the business plans to significantly expand its presence throughout India while maintaining its profitability focus. With 200+ locations across 15 cities served by a backend operation of over 7 food factories and 150+ multi-brand cloud kitchens, Curefoods has emerged as the fastest-growing digital-first F&B group in the nation. This is thanks to its strong emphasis on customer satisfaction and quality.

The two labels of biryani sold by the company, Sharief Bhai and Nomad Pizza, are expanding at rates of over 50% quarter over quarter. The company Curefoods reached the milestone of 1.1 million orders per month in December 2022, generating Rs 550 crore in annual recurring income.

Prior to the current round of financing, in January 2022, Curefoods raised more than Rs 800 crore from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital.

By aiming for an ARR of Rs 1000 crore by the end of 2023, Curefoods is positioned to pursue even greater success in the future. In order to handle 2 million orders per month, Curefoods also intends to establish 50 additional locations during that time.