Acquisition · Commerce & Consumer Brands

Curefoods merges with Maverix in largest deal

By Startup Enthusiast · 27 January 2022

What they do

Curefoods operates 15+ food brands from shared cloud kitchens and dine-in stores

It merges with Mumbai-based Maverix (50+ outlets) for an undisclosed cash-and-equity mix

The merged entity will have 125 kitchens across 12 cities and expects profitability within the quarter

Curefoods merges with Maverix in a cash-and-equity deal; the value is undisclosed.
Curefoods operates over 15 food brands, but the number of cities is not specified in the source.
Shripad Nadkarni, Founder Director at Maverix, joins Curefoods board as an observer.
Accel Partners, a common investor in both companies, also gets a board observer seat.
Ankit Nagori continues as CEO of the merged entity.
All Maverix employees join the joint entity.
In January 2022, Curefoods also acquired five food brands: Juno's Pizza, Cupcake Noggins, Iceberg, Nomad Pizzas, and White Kitchens.

The merger combines Curefoods' strength in South India with Maverix's presence in Mumbai and Delhi.
Curefoods expects 2x throughput per kitchen in geographies where both had Eatfit kitchens.
Nagori expects the merged entity to be profitable within the quarter.
Maverix was close to profitability with annual revenue over ₹50 crore.
Curefoods had raised $62M from investors including Iron Pillar, Chiratae Ventures, and Accel Partners.

Curefoods is a Bengaluru-headquartered house of food brands founded in 2020 by Ankit Nagori.
It builds and scales multiple F&B brands from shared cloud kitchens and dine-in stores across India.
The house-of-brands model operates several distinct brands from shared cloud kitchens, supply chain, and delivery operations.
Its brand portfolio includes Eatfit, Sharief Bhai, Olio Pizza, Arambam, Nomad Pizza, CakeZone, Frozen Bottle, and Krispy Kreme.
Eatfit offers healthy bowls in 9 cities; Sharief Bhai Biryani serves biryani, mandi, and shawarma in 11 cities.
OLIO provides pizza and Italian cuisine in 26 cities; Arambam offers South Indian millet-based food in 12 cities.
Krispy Kreme sells doughnuts and coffee in 7 cities; Nomad Pizza serves gourmet pizza in 10 cities.
CakeZone provides cakes and celebration items in 12 cities; Frozen Bottle offers milkshakes, desserts, and ice-cream in 7 cities.
Curefoods brands are listed on Swiggy and Zomato; some have dedicated apps and dine-in stores.
The company uses a kitchen-first economics model where brands are designed around shared kitchen infrastructure.
Each brand owns one occasion (health, biryani, dessert, celebration) for category depth.
Menu, pricing, and kitchen placement are data-driven using order-level data; kitchen density reduces delivery time.
The core purpose is to create iconic food brands that customers choose, remember, and return to.

Accel Partners (existing) — Common investor in both Curefoods and Maverix; gets a board observer seat post-merger.

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.