Binny Bansal Eyes More Investment In Ankit Nagori's Curefoods

SUMMARY

CureFoods has so far raised around $220 Mn from 25+ investors

With this funding, Binny Bansal’s total investment in Curefoods is expected to reach $50 Mn

Earlier in July 2023 as well, Bansal’s Three State Capital led $37 M funding round in CureFoods

Bengaluru based cloud kitchen startup Curefoods is looking to raise $25 Mn to $30 Mn from Flipkart founder Binny Bansal.

According to an ET report, the funding will take Bansal’s total investment into the startup to approximately $50 Mn. Bansal currently owns about 12% of Curefoods, which is set to rise with the new investment, it added.

Inc42’s queries to Curefoods founder Ankit Nagori remain unanswered till the time of the publication.

Curefoods was launched in 2020 by Nagori. It houses brands like EatFit, CakeZone, Nomad Pizza, Yumlane, Sharief Bhai Biryani, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammis Biryani, Canteen Central and Frozen Bottle among others.

The startup claims to operate over 200 cloud kitchens and offline stores, offering over 10 cuisines, across 15 cities in India.

It has so far raised around $220 Mn in funding from 25+ investors including Iron Pillar, Chiratae Venturers, Accel India, Three State Capital, Blacksoil, Kunal Shah among others.

The startup recently acquired foodtech startup Yumlane for an undisclosed amount. As a part of this acquisition, Yumlane will leverage the reach of Curefoods to boost its proprietary pizza technology.

In July 2023, it 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.

This investment was followed by a $37 Mn funding round led by Binny Bansal’s fund Three State Ventures. Back then, Curefoods said that it would use the funds to expand its geographical reach and diversify its brands into offline formats from the current cloud kitchen business model.

It has earlier 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.

In the cloud kitchen category, Curefoods competes with foodtech unicorn Rebel Foods, which operates over 450 kitchens across more than 60 cities in 10 countries. Rebel Foods’ brands include Faasos, Ovenstory Pizza, Behrouz Biryani, Mandarin Oak, The Good Bowl, SLAY Coffee and Sweet Truth.