Curefoods, a Bengaluru-based cloud kitchen operator said it has raised funds worth ₹300 crore.
The funding round consisted of primary and secondary equity and debt and was led by Binny Bansal’s venture capital fund, Three State Ventures, with an investment of ₹240 crore along with other participant companies IronPillar, Chiratae Ventures, ASK Finance and Winter Capital, the company said in a statement.
Curefoods would be deploying the fresh funds to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence. The firm also has plans to expand in Tier-1 and Tier-2 cities in the Northern and Western parts of the country, and open at 50 new locations with an aim of managing 2 million orders a month, the company said in a statement.
Ankit Nagori, founder of Curefoods said, “This funding will allow us to reach new customers and markets while also targeting our offline model expansion.’‘
Earlier, Curefoods had raised over ₹800 crore in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital.
The cloud kitchen operator claimed that in FY2022-23, it recorded a year-on-year growth of over 300% and it targets an annual recurring revenue (ARR) of ₹1,000 crore by the end of FY’23.
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