Binny Bansal Doubles Down On Curefoods With INR 200 Cr

SUMMARY

With this, the total funds invested by the Three State Ventures has moved to INR 500 Cr at a post-money valuation of around INR 3,000 Cr

The fresh proceeds will be deployed by Curefoods to expand its offline business, including some of its popular brands like Nomad Pizza and Sharief Bhai Biryani

Bansal’s additional funding is a part of Curefoods’ ongoing round that started in April 2023 where it raised INR 300 Cr

Bengaluru-based cloud kitchen startup Curefoods has secured an additional funding of INR 200 Cr (around $25 Mn) from Flipkart co-founder Binny Bansal’s fund Three State Ventures.

With this, the total funds invested by the Three State Ventures has moved to INR 500 Cr at a post-money valuation of around INR 3,000 Cr, Moneycontrol reported.

The fresh proceeds will be deployed by Curefoods to expand its offline business, including some of its popular brands like Nomad Pizza and Sharief Bhai Biryani.

Bansal’s additional funding is a part of Curefoods’ ongoing round that started in April 2023 where it raised INR 300 Cr. Then the startup said that the funding consisted of primary and secondary equity and debt, with Three State Ventures leading the round with a cheque of INR 240 Cr.

This comes days after Curefoods’ roped in former Tata Starbucks chief executive officer Avani Davda to its board in December last year.

Founded by Ankit Nagori in 2020, Curefoods houses brands such as EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle. The startup claims to be running over 200 cloud kitchens and offline stores that cater to over 10 cuisines across 15 cities in India.

It is also on an expansion spree in the food sector.

In October last year, the startup acquired foodtech startup Yumlane for an undisclosed amount.

Earlier in July, Curefoods also made a strategic investment in Hyderabad-based millet startup Millet Express to help it expand and reach a wider audience for millet-based products.

The investment in Millet Express came two months after Curefoods raised INR 300 Cr ($37 Mn) in a funding round led by Three State Ventures. The round was a mix of primary and secondary equity and debt.

Earlier, Curefoods acquired startups such as subscription-based home-cooked meals startup Masala Box, Indian breakfast startup Paratha Box, online confectionery chain CakeZone, biryani brand Ammi’s Biryani, pizza brands Olio and Crusto’s and online chaat brand Chaat Street.