Cloud kitchen operator Curefoods has raised Rs 300 crore in a round led by Flipkart Co-Founder Binny Bansal's fund.
The round consisted of primary and secondary equity and debt and was led by Binny Bansal's fund Three State Ventures with an investment of Rs 240 crore. Other funds that participated were Iron Pillar, Chiratae Ventures, ASK Finance, and Winter Capital.
Curefoods operates cloud kitchen brands such as EatFit, CakeZone, Nomad Pizza, Frozen Bottle, and Sharief Bhai, among others. These kitchens usually operate from a shared facility and take orders primarily from platforms like Zomato and Swiggy or their own websites.
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The company said it will use the funding to expand its geographical reach and diversify into an offline format from its current digital-first approach. "Our investors understand our brand vision very well and are aligned with our long-term goal of creating multiple Rs 500 crore brands," said Ankit Nagori, Founder of Curefoods.
In December, the company said it received 11 lakh orders, resulting in an annual recurring revenue of Rs 550 crore. It has an objective ARR of Rs 1,000 crore by the end of 2023, with plans to open 50 more locations with the aim of managing 20 lakh orders a month.
Prior to the current round, Curefoods had raised over Rs 800 crore in January 2022.
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