Funding · Commerce & Consumer Brands

Curefoods raises $6.6 million in debt funding from BlackSoil

By Startup Enthusiast · 24 March 2025

What they do

Curefoods operates cloud kitchens and owns multiple food delivery brands across India

The company raised $6.6 million in debt financing led by BlackSoil Group for expansion

Total capital raised reaches $125 million as the firm targets an IPO in FY26

Curefoods has raised $6.6 million in debt funding to support its business operations.
The round was led by BlackSoil Group, which contributed funds via debentures.
Existing backer Binny Bansal participated in the funding round alongside new investors.
Caspian Investments also joined the round as a participant in the debt facility.
The company plans to use the funds for working capital and business expansion.
This brings Curefoods' total capital raised to approximately $125 million across all rounds.
The latest raise follows a significant equity and secondary mix round in 2023.
The company is preparing for a potential initial public offering in the future.

Debt funding allows the startup to expand without diluting existing equity ownership.
Strong participation from known investors signals confidence in the cloud kitchen model.
The move aligns with industry trends of food tech firms seeking liquidity before IPOs.
Curefoods aims to scale its revenue significantly ahead of its planned public listing.

Curefoods operates a cloud kitchen model with shared infrastructure for multiple brands.
It owns popular brands like EatFit, Sharief Bhai Biryani, and Olio Pizza.
The company distributes food through Swiggy, Zomato, dedicated apps, and dine-in stores.
It operates more than 100 kitchens across over 200 locations in India.
FY24 operating revenue reached INR 585 crore, showing strong year-over-year growth.
The company reported a net loss of INR 172.6 crore in FY24.
FY25 revenue targets are set at INR 900 crore for the fiscal year.
The business focuses on category depth and efficiency per brand within its network.
It manages operations for major franchises like Krispy Kreme in specific regions.

The company targets an IPO valued between $300–400 million in FY26.
Funds will be used to expand operational capacity and meet working capital needs.

BlackSoil Group (lead) — Investment firm leading the current debt round for Curefoods.
Binny Bansal (existing) — Existing backer and co-founder of Flipkart participating in the round.
Caspian Investments (participated) — Investment firm participating as a new investor in this debt facility.

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.