Bengaluru-based Curefoods, a leading player in the cloud kitchen industry, has successfully raised ₹80 crore (approximately $9.6 million) in debt financing from prominent investors Binny Bansal and Jitender Kumar Bansal. This latest round marks the company’s second fundraising effort in just six months, showcasing its robust growth trajectory and investor confidence.
Details of the Funding Round
According to ROC filings, the loan was structured as an unsecured member deposit, reflecting the terms outlined in the agreement between Curefoods and the two investors. This strategic funding comes on the heels of a significant $25 million raise in March, which was part of the company’s Series D funding round facilitated by Three State Ventures, a fund established by Flipkart co-founder Binny Bansal. To date, Curefoods has amassed over $200 million in total funding, positioning itself as a formidable contender in the rapidly evolving food tech landscape.
Future Funding and Valuation
As reported by Moneycontrol, Curefoods is currently negotiating to secure an additional $40 million as part of its Series D funding, consisting of a mix of primary and secondary transactions. With this potential raise, the company’s valuation could soar to $500 million, reflecting its expanding market share and innovative business model.
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Expanding Operations and Brand Portfolio
Founded in 2020, Curefoods operates several popular food brands, including EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. The company boasts over 100 kitchens spread across 200 locations in 15 cities, supported by a backend network of over 7 food factories and 150 multi-brand cloud kitchens.
In addition to its impressive fundraising, Curefoods has made strategic acquisitions, including YumLane Pizza and Millet Express in 2023. In December of last year, the company also invested ₹10 crore ($1.2 million) in Hogr, a social platform dedicated to restaurant and food discovery.
Market Position and Revenue Insights
Curefoods has solidified its position as the second largest player in the cloud kitchen space, trailing only Rebel Foods. In FY23, Curefoods reported an impressive revenue of ₹384 crore, with FY24 figures yet to be disclosed. In comparison, Rebel Foods achieved a staggering operating revenue of ₹1,420 crore in FY24. Other notable competitors in the cloud kitchen sector include EatClub and Biryani By Kilo, each generating over ₹300 crore in revenue in FY23.
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