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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.

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.

Pocket FM seeks Rs 85.7 Cr in damages from KuKu FM; rival calls charges motivated

EntrackrEntrackr · 1m ago
Pocket FM seeks Rs 85.7 Cr in damages from KuKu FM; rival calls charges motivated
Medial

The ongoing legal dispute between audio platforms Pocket FM and Kuku FM reached the Delhi High Court on Thursday, with both sides presenting detailed arguments over alleged copyright and trademark violations. Pocket FM has sued Mebigo Labs, which runs Kuku FM, for allegedly copying five of its audio series and is seeking Rs 85.7 crore in damages along with a permanent injunction on the use of its content formats, titles, and artwork. During the virtual hearing, both sides presented their arguments in detail. Pocket FM alleged that Kuku FM has been copying its content for over four years, including shows, thumbnails, episode formats, and overall presentation, to mislead users and draw away its audience. It also pointed to past legal actions that led to content takedowns or temporary relief. In response, Kuku FM denied the broad allegations and told the court that the five disputed series involve significant research and analysis. The company asked for at least two weeks to file a detailed reply. Kuku FM also alleged that Pocket FM’s repeated legal actions are motivated and are timed to disrupt investor and public confidence, especially as the company is preparing for a potential IPO. The court took this into account but focused on the current copyright claims. Acknowledging the complexity of the dispute, the court directed Kuku FM to submit its written response within two weeks. The court also asked the company to provide a Chartered Accountant (CA) certificate detailing the revenue earned from the five allegedly infringing series since their prospective launch dates. Until further notice, Kuku FM has also been restrained from releasing any new episodes of the said shows. The next hearing is scheduled for August 29. The court said that both parties had presented a “balanced approach” in their arguments and decided not to issue any immediate directions on takedowns or relief, allowing the legal process to progress further. This isn’t the first legal clash between the two companies. Since 2022, they’ve filed multiple cases against each other. One was settled in December 2022, after Pocket FM accused KuKu FM of publishing audio summaries of books it held exclusive rights to. More recently, on May 30 this year, the Delhi High Court issued an injunction against KuKu FM in another case filed by Pocket FM, which alleged that KuKu FM had copied its original content, including a voiceover urging listeners to “aage ki kahani ke liye, log in kariye Pocket FM par,” directly mimicking Pocket FM’s format.

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