Why Curefoods' Founder Believes Convenience Models Will Boost The Indian Foodtech Space

Next Million Customers To Emerge From Convenience-Seeking Consumers In The Online Food Delivery Space

SUMMARY

The founder of Curefoods predicts a fundamental shift in the industry's future, one that will shape the next million customers

This shift revolves around the emergence of a new category of consumers – those seeking daily convenience

This transformation holds the opportunity for a significant increase in the frequency of food orders on online platforms

In the ever-evolving landscape of online delivery services, one can trace the journey of early movers and the shifting preferences of consumers over the years. Ankit Nagori, the founder of Curefoods, predicts a fundamental shift in the industry’s future, one that will shape the next million customers.

This shift revolves around the emergence of a new category of consumers – those seeking daily convenience. These individuals will turn to online food delivery and not just for special occasions, according to Nagori.

“I am slowly seeing a change in the industry which indicates that the next million customers will come from that segment where people are seeking convenience, people who are ordering it daily because they don’t want to cook,” Nagori said while speaking at The D2C Summit 2023 organised by Inc42.

While this transformation holds the opportunity of a significant increase in the frequency of food orders on online platforms, the industry must focus on improving the quality of food, packaging, delivery, and overall user experience to cater to this evolving customer base, he added.

Moreover, foodtech giants such as Zomato and Swiggy are also talking about making food ordering a daily habit, Nagori said, adding that brands such as Curefood’s Eatfit are expected to play an important role in this transition.

The online food delivery revolution began with deal seekers – individuals who embraced the discounted meals delivered to their doorstep. Then, in the last five years, the online food delivery industry witnessed a significant shift towards entertainment. Consumers increasingly turned to these platforms for a variety of reasons, from enjoying a movie night to seeing gatherings at home, Nagori said. This change was more catalysed by the pandemic.

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.