SUMMARY
The founder of Curefoods said that it is on the back of membership and subscription programmes that their flagship brand Eatfit has a 70% customer retention rate
Subscription programmes cater to specific use cases or habits and tend to foster deep customer engagement and loyalty, Nagori said
Earlier this year, Curefoods raised INR 300 Cr (around $37 Mn) in a funding round led by Binny Bansal’s fund Three State Venture
Speaking at the fourth edition of Inc42’s The D2C Summit, Ankit Nagori, the founder of curefoods
, said that it is on the back of membership and subscription programmes that their flagship brand Eatfit has a 70% customer retention rate.
“70% of people who subscribe to Eatfit never leave the platform. Either they will continue as subscribers or they move back into the membership programme,” Nagori said.
Nagori explained that while their brand has focussed on subscription services, they have also introduced a membership programme called Food Pass. This decision was based on the understanding that customers may not consume their products 30 times a month.
Subscribers typically consume their products a certain number of times each month, with the platform’s average being seven times a month. To retain customers who fall within the range of seven to 30 times a month to stay engaged, they have introduced the Food Pass programme.
Nagori advocated for adopting membership programmes for D2C brands with high-frequency products. These programmes offer customers a broader engagement experience with added perks such as free shipping and exclusive benefits. For brands like Curefit, where high-frequency consumption exists, membership programmes became the foundation of customer engagement, he added.
On the other hand, subscription programmes, he said, cater to specific use cases or habits. These programmes, though targeting a smaller customer base, tend to foster deep customer engagement and loyalty.
Founded in 2020 by Ankit Nagori, Curefoods claims to run more than seven food factories and 150+ multi-brand cloud kitchens to service 200+ locations in 15 cities. Besides Eatfit, the startup houses brands such as CakeZone, Nomad Pizza, Frozen Bottle, and Sharief Bhai, among others.
Earlier this year, Curefoods raised INR 300 Cr (around $37 Mn) in a funding round led by Binny Bansal’s fund Three State Ventures, which invested INR 240 Cr during the fundraise.
In July, Curefoods made a strategic investment in Hyderabad-based millet startup, Millet Express.
Curefoods recorded INR 89.1 Cr in revenue from operations during the fiscal year ending March 2022, which was the first full operational year for Curefoods.
