Funding · Commerce & Consumer Brands

Curefoods raises $62M to acquire more food brands

By Startup Enthusiast · 12 January 2022

What they do

Curefoods operates cloud kitchens across India with over 20 brands

It raised $52M in equity led by Iron Pillar and $10M in debt, at a $280M valuation

The company targets 25 brands and 200 locations by mid-2022, competing with Rebel Foods

Curefoods raised $62M in a new funding round.
The round included $52M in equity and $10M in debt.
Iron Pillar led the equity investment, with participation from Chiratae Ventures, Accel Partners, Sixteenth Street Capital, and Binny Bansal.
Debt investors were BlackSoil Capital, Alteria Capital, and Trifecta Capital.
The company is valued at over $280M post-money.
Curefoods plans to use the funds to acquire more cloud kitchen brands and expand geographically.
It aims to have at least 25 brands and 200 locations across 20 cities by mid-2022.

The online food delivery industry in India is in a revolutionary phase with heavy investments.
Curefoods follows a Thrasio-like model of acquiring and incubating food brands.
It competes with Rebel Foods, a unicorn with over 450 kitchens globally.
The company's revenue grew 50% quarter-over-quarter in the last year.

Curefoods is a Bengaluru-based house of food brands operating cloud kitchens.
It uses a multi-brand Thrasio-like model: acquires, incubates, and licenses food brands with shared kitchen infrastructure.
Its brand portfolio includes Eatfit, Yumlane, Aligarh House Biryani, Masalabox, CakeZone, Sharief Bhai, Olio Pizza, Arambam, Nomad Pizza, Frozen Bottle, Krispy Kreme, and over 20 brands total.
In January 2022, it acquired five D2C food brands: Nomad Pizzas, Juno's Pizza, Cupcake Noggins, White Kitchens, and Iceberg.
It operates over 100 cloud kitchens across 12 cities in India.

Curefoods plans to acquire more cloud kitchen brands.
It aims to expand multi-brand kitchens geographically.
It will strengthen its D2C platform.
The target is at least 25 brands by mid-2022.
It aims for a footprint in 20 cities with 200 locations.
The company is in talks to raise an additional $50-75M in the following months.

Iron Pillar (lead) — Iron Pillar is a venture capital firm that also led Curefoods' Series A round.
Chiratae Ventures (participated)
Accel Partners (participated)
Sixteenth Street Capital (participated)
Binny Bansal (participated) — Binny Bansal is the co-founder of Flipkart.
BlackSoil Capital (debt investor)
Alteria Capital (debt investor)
Trifecta Capital (debt investor)

Product: cloud kitchen firm
Customers: Consumers ordering prepared food through delivery and dining channels.
How it makes money: Sells branded food through its kitchen and delivery network.
What sets it apart: Portfolio across multiple popular food brands and formats.