Cloud kitchen startup Curefoods has secured an additional $25 million in funding for its Series D round from Three State Ventures, a fund launched by Binny Bansal, co-founder of Flipkart.
The company had previously raised $36 million in the initial tranche of its Series D round, which has now brought its valuation to $375 million, according to Curefoods founder and CEO Ankit Nagori. According to data from TheKredible, Curefoods has raised over $190 million in total funding.
Binny Bansal’s investment in Curefoods included purchasing Cultfit’s remaining stake in the cloud-kitchen platform and acquiring shares from some angel investors, as reported by ET.
Curefoods, founded four years ago, operates several brands such as EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It operates more than 100 kitchens in over 200 locations across 15 cities and has a backend operation consisting of over 7 food factories and 150 multi-brand cloud kitchens.
In addition to fundraising, Curefoods has expanded its portfolio through acquisitions, including YumLane Pizza and Millet Express in 2023.
The company faces competition from other cloud kitchen players such as Rebel Foods, Box8, FreshMenu, as well as independent brands like Biryani Blues and Biryani by Kilo.
Curefoods is the second-largest brand in terms of revenue among cloud kitchen brands, following Rebel Foods. In FY23, Rebel Foods reported revenue from operations of Rs 1,195 crore, while Curefoods reported Rs 384 crore in revenue. Other notable players include EatClub, which surpassed Rs 300 crore in revenue, and Biryani By Kilo, claiming a revenue of around Rs 300 crore in the last fiscal year.
