F&B House Of Brands Curefoods Raises INR 300 Crore The company aims to use this fundraise to further expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence
By Teena Jose
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Curefoods, India's leading cloud kitchen operator has raised INR 300 crore last week. The round consisted of primary and secondary equity and debt and was led by Binny Bansal's fund Three State Ventureswith an investment of INR 240 crore along with other participant companies IronPillar, Chiratae Ventures, ASK Finance and Winter Capital. The company aims to use this fundraise to further expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence.
"Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands. This funding will allow us to reach new customers and markets while also targeting our offline model expansion. We are excited about the future of consumer brands and look forward to innovating and establishing leading brands in this space for the Indian market, while delivering authentic and nutritious food to cater to the Indian taste palette," said Ankit Nagori, founder of Curefoods.
In FY 2022-23, Curefoods grew over 300% year-on-year. Curefoods' strong focus on customer satisfaction and quality has enabled it to emerge as the fastest-growing digital-first F&B group in the country, with over 200 locations in 15 cities serviced by a backend operation of over 7 food factories, and more than 150multi-brand cloud kitchens. In December 2022, Curefoods recorded amilestone by crossing 1.1 million orders per month, resulting in an annual recurring revenue of INR 550 crore, claimed by the company in a statement.
Curefoods is poised to target greater success, with an objective ARR of INR 1000 crore by the end of 2023. In the same period, Curefoods also plans to open 50 more locations with an aim of managing 2 million orders a month, added the statement.
