PC: Hindustan Times
Any news out of Bengaluru-based Curefoods is something to look forward to. The cloud kitchen player made an important announcement recently by closing a significant debt funding round of Rs 80 crore from prominent investors Binny Bansal and Jitender Kumar Bansal. This development marks the second fundraiser for Curefoods in a six-month period, so it is simply fantastic to see how its business model is performing.
Curefoods has settled a loan note worth Rs 80 crore with Binny Bansal and Jitender Kumar Bansal through filings at the Registrar of Companies. As per the loan note, an unsecured member deposit structure was granted, as stated in the terms of the deal. This smart capital infusion points to interest from investors in Curefoods and its vision along with operational skills in furthering the growth curve and expanding.
In early March, Curefoods raised $25 million in Series D funding from Three State Ventures-a fund led by the celebrated Flipkart co-founder. This fresh round of debt funding brings total funds to over $200 million for Curefoods, further cementifying market traction and attractiveness to investors within the competitive landscape of the cloud kitchen domain.
Curefoods, through startup intelligence platform TheKredible, has displayed its strategic approach toward growth, as there are open talks to raise another $40 million in Series D in a primary and secondary transaction. This would peg the valuation of the company as high as $500 million because it holds an upper hand in the emerging cloud kitchen space.
Since its inception in 2020, Curefoods carved out a niche for itself by operating a diversified portfolio of brands-EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. There is a strong operational footprint with over 100 kitchens spread across 200 locations in 15 cities supported by backend infrastructure in the form of 7 food factories and 150 multi-brand cloud kitchens.
Apart from charity fundraising, Curefoods has explored aggressive strategic acquisition which would help it increase market presence as well as offering more. The acquisition of YumLane Pizza and Millet Express in 2023 shows that the company is serious about diversifying and innovating, improving its brand portfolio and offerings for customers.
Its strategic investment of Rs 10 crore, around $1.2 million in Hogr, a social platform for restaurants and food discovery, really reflects its future-looking approach toward leveraging technology and consumer trends to fuel business growth and engagement.
It is likely to emerge as the second-largest player in the cloud kitchen segment after Rebel Foods. Figures from the previous FY23 stood at Rs 384 crore; the figure for FY24 will be announced soon. Curefoods is one of the several important companies that have emerged on the list of competitors. One such competitor gaining growth momentum is EatClub and Biryani By Kilo.
In conclusion, the debt funding milestone by Curefoods speaks to the strategic vision, operational excellence, and investor confidence the company enjoys while catapulting it into continued success in this dynamic landscape of cloud kitchens. With a diverse brand portfolio, robust operational infrastructure, and strategic growth initiatives, Curefoods is all set to redraw the culinary map, foster innovation, and present exceptional dining experiences to customers across diverse geographies.
