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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.

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 to raise debt from Blacksoil and Binny Bansal

EntrackrEntrackr · 4m ago
Curefoods to raise debt from Blacksoil and Binny Bansal
Medial

Exclusive: Curefoods to raise debt from Blacksoil and Binny Bansal Cloud kitchen startup Curefoods is raising Rs 56.4 crore (approximately $6.6 million) in debt, led by BlackSoil Group and with participation from existing backer Binny Bansal. This will be the first debt round for the Bengaluru-based firm this year. The board at Curefoods has passed a special resolution to issue 1,000 non-convertible debentures at an issue price of Rs 5,00,000 each to BlackSoil, raising Rs 50 crore, and 595 compulsory convertible debentures to Binny Bansal worth Rs 6.4 crore, according to a regulatory filing accessed from the Registrar of Companies (RoC). The proceeds will be used for the company's working capital requirements and business expansion, as per filings. Curefoods is a cloud kitchen platform operating brands such as EatFit, Sharief Bhai, Olio Pizza, Krispy Kreme, Nomad Pizza, and others. Currently, it runs over 100 kitchens in over 200 locations in India. According to startup data intelligence platform TheKredible, Curefoods has raised $125 million across rounds from the likes of Binny Bansal-backed Three State Capital, Iron Pillar, and Chiratae Ventures, among others. Curefoods has also raised Rs 37 crore from Landmark Group in February via equity. Curefoods demonstrated notable financial performance in FY24, reporting a surge of over 50% in operating revenue to Rs 585 crore, while reducing losses by 50% to Rs 172.6 crore during the same period. The Ankit Nagori-led firm is reportedly planning to launch its $300–400 million initial public offering (IPO) in the latter part of FY26.

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.

Flipkart co-founder Binny Bansal invests Rs 200 crore more in cloud kitchen startup Curefoods

IndianStartupNewsIndianStartupNews · 1y ago
Flipkart co-founder Binny Bansal invests Rs 200 crore more in cloud kitchen startup Curefoods
Medial

Bengaluru-based cloud kitchen startup Curefoods has secured an additional $25 million investment from Binny Bansal's Three State Ventures. This comes as part of an ongoing funding round, bringing Three State Ventures' total investment in Curefoods to $50 million. Curefoods plans to use the funds to expand its offline presence and strengthen its portfolio. Since its founding in 2020, Curefoods has rapidly grown to include over 200 cloud kitchens and offline stores across 15 cities in India. With this latest investment, Binny Bansal's stake in the company reaches 18%. Curefoods operates in a competitive market, but its strategic acquisitions and expansion plans have helped it become the second-largest brand in terms of revenue after Rebel Foods.

Exclusive: Finnest invests $145 Mn to acquire majority stake in Kitchens@

EntrackrEntrackr · 1y ago
Exclusive: Finnest invests $145 Mn to acquire majority stake in Kitchens@
Medial

London-based private equity firm Finnest now holds a majority stake in Bengaluru-based cloud kitchen startup, Kitchens@. The board at Kitchens@ has passed a special resolution to issue 40,00,000 equity shares Rs 3,000 each to raise Rs 1,200 crore or $145 million, its regulatory filing sourced from the Registrar of Companies shows. The board also issued another 4,50,000 Series C CCPS at an issue price of Rs 3,000 amounting to Rs 135 crore. It is important to note that Kitchen@ has raised Rs 1,200 crore ($145 million) in the fresh round while the remaining Rs 135 crore ($16 million) is likely the tranche of a Finnest-led $65 million Series C round, which was announced in December last year. According to the filings, Finnest holds 53.75% of the shares in Kitchen@ after the new investment. This means Kitchens@ will become the subsidiary of Finnest Holdings. As per Fintrackr’s estimates, the company has been valued at around Rs 2,114 crore or $255 million post-allotment. ALSO READ: Decoding the financial health of leading cloud kitchen startups Founded in 2018, Kitchens@ provides turnkey solutions to F&B brands to expand their presence with end-to-end services, including infrastructure, technology, and operation services, among others. It works with multiple food brands including Domino’s, Subway, Taco Bell, Nando’s, ChicKing, and national chains such as ITC, Mainland China, and Barbeque Nation. In early 2023, Kitchens@ acquired Swiggy’s Access Kitchens business in a share swap deal. After the acquisition, Kitchens@ set a target to expand reach in four cities across 52 locations and over 700 kitchens. Kitchens@ demonstrated solid growth in FY23 as its revenue from operations grew 67% to Rs 62 crore in FY23 from Rs 37 crore in FY22. At the same time, its losses stood at Rs 27.3 crore in the same period. The company is yet to file annual results for FY24. It competes with Rebel Foods, Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Bigspoon, Dil Foods, Ghost Kitchens India and HOI Foods.

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