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Startups brace for funding surge in 2024, says report

Economic TimesEconomic Times · 1y ago
Startups brace for funding surge in 2024, says report
Medial

According to a report by Bain & Company and Indian Venture and Alternate Capital Association (IVCA), startups that raised significant funding in 2020 and 2021 could seek new funding rounds in 2024. This could drive growth in venture capital investment activity. The report also suggests that risk-capital investors may turn to more traditional businesses to diversify their investments. The number of mega funding rounds decreased in 2023 due to deferred fundraising and rising interest rates. However, the report predicts an increase in investment activity and a growing interest in traditional sectors in 2024. Additionally, generative artificial intelligence and electric mobility sectors gained momentum in 2023. Exits from investments also increased, with non-IPO public market sales being the primary exit route.

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool

EntrackrEntrackr · 6m ago
Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool
Medial

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool Cloud kitchen startup Curefoods is raising Rs 37 crore (around $4.4 million) from Landmark Group. The funding comes just a month after Curefoods acquired Krispy Kreme’s South and West India operations from the same group. The board at Curefoods has passed a special resolution to issue 3,458 compulsory convertible preference shares at an issue price of Rs 1,07,526 each to raise Rs 37 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Landmark Group is reportedly to invest an undisclosed amount in Curefood in its $40 million round of fundraising. After the latest funding, Landmark Group will retain a 0.96% stake in the company, which could increase with additional investments. Entrackr estimates the firm's post-allotment valuation at around $460 million. Curefoods has also increased its ESOP pool size by adding fresh 10,613 employee stock options worth Rs 114 crore or $13.5 million, the separate resolution shows. According to Entrackr’s estimates, Curefood’s total ESOP plan is now valued at approximately Rs 213 crore or 25 million, encompassing 19,842 employee stock options. 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. The company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods grew at a rapid clip with a 53% year-on-year growth in its revenue to Rs 585 crore in FY24 from Rs 382 crore in FY23. According to its annual report, the sharp decline in advertising costs helped Curefoods to control its losses by 50% to Rs 172.6 crore in the same period.

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