Bengaluru-based cloud kitchen startup, Curefoods, has received a substantial injection of funds from Binny Bansal’s Three State Ventures, further solidifying its position in the food sector. The co-founder of Flipkart, Bansal, has invested an additional Rs 200 crore ($25 million) in Curefoods, amplifying his commitment to the venture.
This fresh investment is part of an ongoing funding round initiated in April 2023, which has seen Three State Ventures’ total investment in Curefoods soar to $50 million. With this financial backing, Curefoods is poised to intensify its offline presence, leveraging popular brands like Nomad Pizza and Sharief Bhai Biryani to expand its footprint across various cities.
Since its inception in 2020 by Ankit Nagori, Curefoods has experienced remarkable growth, boasting a portfolio of over 200 cloud kitchens and offline stores spread across 15 Indian cities. With a current valuation standing at approximately $375 million, the startup houses a diverse array of brands, including EatFit, Cakezone, and Frozen Bottle, catering to a wide spectrum of culinary preferences.
The trajectory of Curefoods’ expansion journey has been marked by strategic acquisitions, including foodtech startup Yumlane and millet startup Millet Express. These moves have not only broadened Curefoods’ offerings but also bolstered its competitive edge in the market.
Binny Bansal, post his tenure at Flipkart, has emerged as a prominent figure in the Indian startup ecosystem, actively channeling investments into promising ventures. His latest infusion of $25 million into Curefoods, which involved acquiring Cultfit’s stake and those of select angel investors, has elevated his ownership stake in the company to 18%.
This investment spree by Bansal extends beyond Curefoods; he has been instrumental in funding other ventures, notably his new startup OppDoor. Actively seeking capable CEOs to spearhead these ventures, Bansal is positioning himself as a key player in nurturing and scaling promising startups across various sectors.
Apart from Curefoods, Bansal has established investment footprints in companies like Acko, Inshorts, Ula, Rupifi, and Cult.fit, among others, showcasing his diverse portfolio and keen interest in fostering innovation and growth in the Indian business landscape.
Operating within a fiercely competitive cloud kitchen market dominated by players like Rebel Foods and Box8, Curefoods has managed to carve out a substantial niche for itself. Despite the stiff competition, the company has emerged as the second-largest revenue-generating brand after Rebel Foods.
Strategic acquisitions and robust expansion plans have been instrumental in driving Curefoods’ growth trajectory, with revenues scaling to Rs 384 crore in the previous fiscal year. This upward trajectory underscores Curefoods’ resilience and potential to further solidify its position as a frontrunner in the burgeoning cloud kitchen segment.
In conclusion, Binny Bansal’s continued investment in Curefoods underscores his confidence in the venture’s potential and reaffirms his commitment to fostering innovation and growth in the Indian startup ecosystem. As Curefoods sets its sights on further expansion and consolidation, the stage is set for an exciting journey ahead in the realm of cloud kitchens.
