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Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

EntrackrEntrackr · 1y ago
Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Medial

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

Curefoods acquires pan-India rights for Krispy Kreme

EntrackrEntrackr · 2m ago
Curefoods acquires pan-India rights for Krispy Kreme
Medial

Curefoods has acquired pan-India rights for Krispy Kreme, extending its operations to 11 stores in Delhi-NCR. The acquisition includes seven retail outlets and four cloud kitchens in locations such as Worldmark Aerocity, Select City Walk Mall Saket, Ambience Mall Gurgaon, Promenade Mall Vasant Kunj, and Mall of India Noida. With this move, Curefoods now operates over 100 Krispy Kreme outlets across India, encompassing dine-in stores and cloud kitchens. The expansion aligns with the company’s strategy to scale Krispy Kreme’s footprint beyond South India and into northern regions. Ankit Nagori, Founder of Curefoods, stated that the acquisition enables the company to develop a unified strategy for brand growth, customer experience, and innovation across India. Future expansion plans include western markets such as Mumbai. Curefoods manages a portfolio of F&B brands, including Kitchens of EatFit, CakeZone, Nomad Pizza, Sharief Bhai, Olio Pizza, Frozen Bottle, and Krispy Kreme. In October 2023, Curefoods had acquired foodtech startup Yumlane. It also acquired a majority stake in milkshake brand Frozen Bottle in 2022 and announced its merger with Mumbai-based Maverix and the acquisition of south India franchise rights of US-based pizza chain Sbarro. As per media reports, Curefoods is planning to raise $300–400 million through an IPO, which is expected to hit the markets in the latter part of FY26. The company recently converted itself into a public entity.

Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal

EntrackrEntrackr · 10m ago
Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal
Medial

Cloud kitchen startup Curefoods has raised another Rs 80 crore or $9.6 million but this time in debt from Binny Bansal and Jitender Kumar Bansal. This is the second fundraise for the Bengaluru-based company in the past six months. As per the ROC filings company obtained a loan of Rs 80 crore from Binny Bansal and Jitender Kumar Bansal by way of advancing an unsecured member deposit as per the terms set out in the loan agreement between the company and the two investors. In March, Curefoods scooped up $25 million as a part of Series D funding from Three State Ventures, a fund launched by the Flipkart co-founder. As per startup intelligence platform TheKredible, it has raised more than $200 million to date. According to a Moneycontrol report, Curefoods is in talks to raise $40 million as part of its Series D round in a mix of primary and secondary transactions. The company’s valuation might reach the $500 million mark. Launched in 2020, Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Besides back-to-back fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. In December, it invested Rs 10 crore ($1.2 million) in Hogr, a social platform that enables restaurant and food discovery. Curefoods has emerged as the second largest player in the cloud kitchen after Reebel Foods. Curefoods reported Rs 384 crore in revenue in FY23 while its FY24 numbers are yet to come. Rebel Foods’s operating revenue reached Rs 1,420 crore in FY24. EatClub and Biryani By Kilo are the next notable companies in the space with revenue of more than Rs 300 crore in FY23.

Curefoods reports Rs 635 Cr income in FY24, halves losses

EntrackrEntrackr · 7m ago
Curefoods reports Rs 635 Cr income in FY24, halves losses
Medial

Indian cloud kitchen major Curefoods reported a 53% year-on-year growth in operating scale for the fiscal year ending March 2024. At the same time, the Bengaluru-based firm halved its losses by significantly reducing advertising costs. Curefoods’ revenue from operations soared by 53.17% to Rs 585 crore in FY24 from Rs 382 crore in FY23, shows its consolidated financial statement sourced from the Registrar of Companies (RoC). Curefoods is a cloud-kitchen platform which operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. At present, it has over 100 kitchens across 12 cities in India. The sale of these foods was the sole source of revenue for the company in the last fiscal year. The company also made additional Rs 50 crore from interest income pushing Curefoods’ total income to Rs 635 crore in FY24. On the expense side, the cost of materials remained the largest component, increasing by 33.72% to Rs 229.6 crore. Advertising expenses were reduced by 50.8% to Rs 52.8 crore, while employee benefit expenses rose by 43.18% to Rs 148.2 crore. Guarantee commission expenses spiked 56% to Rs 109.2 crore, while depreciation costs also rose by 45.2% to Rs 62 crore. In the end, Curefoods’ total expenses nearly doubled to Rs 806.8 crore in FY24. Due to sharp decline in advertising costs, the company managed to reduce its net loss by 50% to Rs 172.6 crore in FY24. Its ROCE and EBITDA margin stood at -23.31% and -12.88%, respectively. On a unit basis, Curefoods spent Rs 1.38 to earn a rupee in FY24. As of March 2024, the firm reported Rs 326 crore of current assets in FY24 including Rs 37.5 crore of cash and bank balance. As per startup intelligence platform TheKredible, Curefoods has raised more than $200 million to date from the likes of Binny Bansal’s Three State Ventures, Accel, Chirate and Alteria. Since its inception the Ankit Nagori-led company has also acquired more than a dozen cloud kitchen brands such as Yumlane, Smoodies, Cakezone, Maverix, Nomad Pizza, among others. Curefoods is the second-largest player in the cloud kitchen segment after Rebel Foods. Rebel Foods, which recently raised $210 million in one of the largest funding rounds of 2024, reported an operating revenue of Rs 1,420 crore in FY24. Other notable players in the space include EatClub and Biryani By Kilo. The sharp cutback on advertising costs tells its own story. Poorly crafted brand building, and now, what seems to be a commodification of the delivery business. Driven more by platforms than the restaurant or kitchen owners themselves. We believe in the long term, the high platform dependence does not augur well for anyone, as far as margins go. While pockets of the market will grow, overall market size is not growing at the same rate, and platforms will keep up their margin creep. Will Curefoods become profitable before the margins become worse? No one can say with certainty, but we believe 2025 will see yet more efforts to shake the grip of Swiggy and Zomato on the food delivery business, however doomed that might seem for now. Domino’s remains the only success story thanks to their legacy delivery business, and the difference shows in more ways than one.

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