Flipkart co-founder Binny Bansal’s investment fund, Three State Ventures, has shown continued faith in cloud kitchen startup Curefoods with a fresh infusion of Rs 200 crore ($26.3 million).
This move pushes the fund’s total stake to Rs 500 crore ($65.9 million), pushing Curefoods to a post-money valuation of around Rs 3,000 crore ($394.3 million). This fund allocation allows Curefoods to scale up its offline businesses, such as popular brands Nomad Pizza and Sharief Bhai Biryani.
The Backstory
Bansal’s recent investment isn’t the first—he’s been actively backing Curefoods. The company previously saw a funding session in April 2023, where it raised Rs 300 crore ($39.4 million), with Three State Ventures leading the round with a hefty check of Rs 240 crore ($31.6 million).
Curefoods: The Story So Far
Curefoods began its journey in 2016, helmed by former Flipkart executive Ankit Nagori. Based in Bengaluru, the startup has made its mark in the competitive cloud kitchen space, standing tall alongside rivals like Rebel Foods, Biryani by Kilo, and EatClub (previously Box8).
The Accelerator-backed startup has a robust strategy in place—it acquires potential food brands and employs the power of tech and digital marketing to enhance their growth. Earlier, in its Series C funding round, it amassed $50 million from a combination of new and current investors, with Winter Capital steering the way.
Financial Status: A Peek Inside Curefoods
Curefoods’ valuation was $250 million back in the early2022, and the company has stayed on an aggressive growth path via strategic acquisitions. In 2023, it acquired food discovery platform Hogr, and in October, it took over foodtech company Yumlane, along with its proprietary technology.
According to their recent filings, Curefoods took a significant leap in its operating revenue for FY23, witnessing a 400% jump to Rs 382 crores. The losses for the company in the same financial year amounted to Rs 342 crores.
