Bengaluru-based cloud kitchen startup Curefoods has made a strategic investment in packaged ice solutions Dras Ice.
However, the company did not disclose the financial terms of the deal.
Through this collaboration, Curefoods aims to leverage Dras Ice's frozen chain logistics to improve its distribution capabilities for cloud kitchens and quick-service restaurants (QSRs)
Bengaluru-based cloud kitchen startup Curefoods
However, the company did not disclose the financial terms of the deal.
Through this collaboration, Curefoods aims to leverage Dras Ice’s frozen chain logistics to improve its distribution capabilities for cloud kitchens and quick-service restaurants (QSRs).
Founded in 2021 by Shashank Singhal, Abhinav Duggal, and Ayush Agarwal, Dras Ice provides safe and reliable ice cube solutions to various industries, ensuring stringent quality standards.
Curefoods’ chief operating officer Gokul Kandhi, said “Our collaboration with Dras Ice strengthens our ability to support the operational needs of cloud kitchens while addressing a clear market gap in the packaged ice segment. Together we are set to revolutionize how India consumes ice by offering superior, certified, and safe packaged ice solutions”
Earlier this month, Curefoods acquired the South & West India operations of Krispy Kreme from Landmark Group to expand its portfolio.
Not to mention, the company is reportedly gearing up for an initial public offering (IPO) that aims to raise between $300 Mn -$400 Mn.
Founded by Ankit Nagori in 2020, Curefoods operates a diverse portfolio of brands, including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle. It claims to manage more than 200 cloud kitchens and offline outlets, offering over 10 cuisines across 15 cities in India.
To date, the startup has raised over $195.35 Mn in funding. Last year in March, Flipkart cofounder Binny Bansal’s Three State Ventures also infused INR 200 Cr (around $25 Mn) into the company.
On the financial front, the company narrowed its net loss by 49.64% to INR 172.6 Cr in the financial year ended March 2024 (FY24) from INR 342.7 Cr in FY23.
However, its operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.