Results · Commerce & Consumer Brands

Curefoods FY24 revenue up 53%, loss halves

By Startup Enthusiast · 23 December 2024

What they do

Curefoods operates over 100 cloud kitchens across 12 Indian cities with brands like EatFit and CakeZone

FY24 revenue from operations grew 53% to Rs 585 Cr, while net loss halved to Rs 172.6 Cr

Total income including interest reached Rs 635 Cr, with advertising expenses cut by 50.8%

Curefoods reported financial results for the fiscal year ending March 2024.
Revenue from operations grew 53% to reach Rs 585 Cr compared to the previous year.
Total income including interest reached Rs 635 Cr due to significant interest earnings.
The company reduced its net loss by half to Rs 172.6 Cr in the same period.
Advertising expenses were cut sharply by over 50% to help reduce overall losses.
Material costs increased by 33% while employee benefits rose by 43%.
Guarantee commission expenses also saw a substantial increase of 56% during the year.
The business operated with an EBITDA margin of -12.88% and negative ROCE.

The company spent Rs 1.38 to earn just Re 1 indicating poor unit economics.
Competitor Rebel Foods raised more capital and reported higher revenue in the same period.

Curefoods runs a house of food brands model using shared kitchen infrastructure.
It operates over 100 kitchens across 12 Indian cities nationwide.
Food sales were the sole source of revenue for the fiscal year 2024.
Brands like EatFit and Yumlane are listed on major platforms like Swiggy and Zomato.
Some brands operate dedicated mobile apps and physical dine-in stores for customers.
The portfolio includes diverse categories such as health food biryani pizza and desserts.
The company has acquired more than 12 cloud kitchen brands to expand its reach.
Shared infrastructure allows the company to manage multiple brands efficiently from one location.
Category depth is maintained per brand to serve specific customer preferences effectively.

Three State Ventures (investor) — Venture fund founded by Binny Bansal focusing on early-stage investments.
Accel (investor) — Global venture capital firm known for investing in technology startups.
Chirate (investor) — Investment entity participating in the company's funding rounds.
Alteria (investor) — Investment firm backing growth stage companies in various sectors.

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.