Funding · Commerce & Consumer Brands

Curefoods raises $25 million from Binny Bansal's fund

By Startup Enthusiast · 18 March 2024

What they do

Curefoods operates 200+ cloud kitchens and offline stores across 15 Indian cities

It raised $25 million in Series D from Three State Ventures, led by Flipkart co-founder Binny Bansal

The deal also acquired Cultfit's remaining stake, increasing Bansal's holding to 18%

Curefoods raised $25 million in a Series D tranche from Three State Ventures.
Three State Ventures is led by Binny Bansal, co-founder of Flipkart.
The round is part of a larger funding round that began in April 2023.
The company's post-money valuation is $375 million, according to founder and CEO Ankit Nagori.
Three State Ventures has invested a total of $50 million in Curefoods across tranches.
The deal includes the acquisition of Cultfit's remaining stake in Curefoods.
It also includes acquiring stakes from select angel investors.
Binny Bansal's stake in Curefoods increased to 18% after the investment.

This funding comes as Curefoods competes with larger rival Rebel Foods in the cloud kitchen space.
Curefoods is the second-largest revenue-generating cloud kitchen brand in India after Rebel Foods.
The acquisition of Cultfit's stake signals consolidation of ownership among key investors.
The investment from a high-profile founder like Binny Bansal adds credibility to the company's growth story.

Curefoods is a house of food brands based in Bengaluru, founded in 2020.
It operates shared cloud kitchens (central kitchens that prepare food for delivery only) and dine-in stores.
Its brands include EatFit, Yumlane, Aligarh House Biryani, Masalabox, CakeZone, Sharief Bhai, Olio Pizza, Arambam, Nomad Pizza, Frozen Bottle, and Krispy Kreme.
The company runs 200+ cloud kitchens and offline stores across 15 Indian cities.
It has 100+ kitchens, 200 locations, 15 cities, 7 food factories, and 150 multi-brand cloud kitchens.
Curefoods reported revenue of Rs 384 crore in the last fiscal year (FY23).
It acquired Yumlane (foodtech) and Millet Express (millet startup) in 2023.
Its model focuses on house-of-brands, shared kitchen infrastructure, and data-driven menu and kitchen placement.
Its brands are listed on Swiggy and Zomato; some have dedicated apps and dine-in stores.

Use funds to expand offline presence, including brands Nomad Pizza and Sharief Bhai Biryani.

Three State Ventures (lead) — Investment firm led by Binny Bansal, co-founder of Flipkart.
Binny Bansal (lead) — Co-founder of Flipkart; also invested in Acko, Inshorts, Ula, Rupifi, Cult.fit, and launched startup OppDoor.

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.