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Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal
Entrackr
·
10m ago
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.
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Flipkart founder Binny Bansal may put $25-30 million more in Ankit Nagori’s Curefoods
Economic Times
·
1y ago
Medial
Flipkart founder Binny Bansal may increase his investment in Curefoods, a startup founded by Nagori brothers. Curefoods focuses on delivering fresh produce directly from farmers to consumers. Bansal had previously invested $1.75 million in the startup and is now considering doubling down on his investment to support the company's growth and expansion.
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Curefoods to raise debt from Blacksoil and Binny Bansal
Entrackr
·
4m ago
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.
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Binny Bansal Doubles Down On Curefoods With $25 Mn
Inc42
·
1y ago
Medial
Bengaluru-based cloud kitchen startup Curefoods has secured an additional funding of INR 200 Cr ($25 Mn) from Binny Bansal's fund Three State Ventures. This brings the total invested funds by Three State Ventures in Curefoods to INR 500 Cr ($62 Mn), with a post-money valuation of around INR 3,000 Cr ($375 Mn). The funding will be used to expand Curefoods' offline business and its popular brands like Nomad Pizza and Sharief Bhai Biryani. Curefoods currently operates over 200 cloud kitchens and offline stores in 15 cities across India, offering 10 different cuisines.
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Binny Bansal eyes big game again post Flipkart exit
Economic Times
·
1y ago
Medial
Binny Bansal, the co-founder of Flipkart, is increasing his investments in India after exiting the company's board earlier this year. Bansal recently invested $25 million in Curefoods, raising his stake to 18% in the Bengaluru-based firm. He also made additional investments in his startups OppDoor and a venture offering offshore legal services. Bansal is spending time with large startup boards, including PhonePe, Curefoods, and GreyOrange. He plans to allocate a significant amount of capital to his new ventures and is seeking executives to lead them.
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Binny Bansal ups Curefoods bet; ADIA may back Pocket FM
VCCircle
·
1y ago
Medial
Binny Bansal, co-founder of Flipkart, is increasing his investments in Curefoods and continuing his investment activities in India. He has invested an additional $25 million in Curefoods after selling his remaining stake in Flipkart. In other news, it is reported that the Abu Dhabi Investment Authority (ADIA) may back Pocket FM, a podcasting platform in India.
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Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Entrackr
·
1y ago
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.
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Flipkart co-founder Binny Bansal invests Rs 200 crore more in cloud kitchen startup Curefoods
IndianStartupNews
·
1y ago
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.
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Identity Verification Startup Equal Raises $10 Mn
Inc42
·
9m ago
Medial
Identity verification platform Equal has raised $10 million in its Series A funding round. The round was co-led by Prosus Ventures, Tomales Bay Capital, and founder Keshav Reddy, and had participation from various other investors including Blume Ventures, DST Global, and Binny Bansal. The startup plans to use the funds to scale its operations, form strategic partnerships, and develop an integrated digital framework to enhance India's data-sharing ecosystem. Founded in 2022, Equal helps businesses streamline KYC processes and prevent fraud through its identity verification aggregation service. The company is now valued at $80 million post-funding.
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Binny Bansal’s Three State Ventures funds new startup OppDoor
Economic Times
·
1y ago
Medial
Flipkart founder, Binny Bansal, has invested nearly $2 million in his new venture, OppDoor, through his venture fund, Three State Ventures. OppDoor is a software services platform that aims to assist emerging online retail brands in expanding globally. The investment was made in multiple tranches over the past few months, with the latest cash infusion occurring in February. Bansal has been using capital from the sale of his Flipkart shares to fund his new ventures. OppDoor is currently providing ecommerce services to US brands on Amazon in international markets.
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BorderPlus raises $7 Mn led by Owl Ventures
Entrackr
·
5m ago
Medial
BorderPlus, a new-age cross-border workforce mobility platform, has raised Rs 60 crore ($7 million) in a funding round led by Owl Ventures, and participation from entrepreneurs including Binny Bansal, Mithun Sacheti, Ritesh Agarwal, Aakash Chaudhary, and Apoorva Patni. This marks BorderPlus' first institutional (external) funding round. The proceeds will be fuelling its mission to streamline international career opportunities for skilled Indian workers, starting with healthcare professionals and nurses. Mayank Kumar, co-founder of upGrad, and Ayush Mathur, a former senior leader at OYO, launched BorderPlus in January this year. BorderPlus provides end-to-end support, including finishing school training, language learning, visa processing, employment opportunities, cultural integration, local qualification recognition, financing, and talent leasing. The firm has already begun training its first batch of nurses, preparing them for global placements with a comprehensive approach that includes language training, visa processing, job placements, cultural integration, and financial support.
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