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Our Flagship Brand Eatfit Enjoys A Customer Loyalty Rate Of 70%: Curefoods’ Ankit Nagori

Inc42Inc42 · 1y ago
Our Flagship Brand Eatfit Enjoys A Customer Loyalty Rate Of 70%: Curefoods’ Ankit Nagori
Medial

Ankit Nagori, the founder of Curefoods, highlighted the importance of membership and subscription programs for their flagship brand Eatfit, which boasts a 70% customer retention rate. Nagori explained that while Eatfit has primarily focused on subscription services, they introduced a membership program called Food Pass to engage customers who don't consume their products 30 times a month. He advocated for adopting membership programs for D2C brands with high-frequency products, emphasizing their role in customer engagement and loyalty. Curefoods, founded in 2020, operates various food brands and raised INR 300 crore (approximately $37 million) in funding earlier this year.

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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.

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 · 3m 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.

Nikhil Kamath, Ankit Nagori and Prashanth Prakash now Bengaluru franchise owners of e-cricket league

Economic TimesEconomic Times · 9m ago
Nikhil Kamath, Ankit Nagori and Prashanth Prakash now Bengaluru franchise owners of e-cricket league
Medial

- JetSynthesys has announced the sale of franchise teams for the second season of the Global e-Cricket Premier League (GEPL), with Nikhil Kamath, Ankit Nagori, and Prashanth Prakash becoming joint owners of the Bengaluru franchise team. - The GEPL, a digital entertainment and technology company, aims to enhance the gaming experience by selling teams to specific cities and engaging fans on a deeper level. - The first season of GEPL, held in December last year, saw eight teams competing in the Real Cricket video game created by JetSynthesys, reaching over 70 million viewers across multiple platforms. - Nikhil Kamath, co-founder of Zerodha, expressed excitement about fostering young talent and shaping the future of esports in India through the vibrant gaming industry. - With the goal of turning gaming into a significant contributor to India's GDP and a fulfilling career option, Ankit Nagori believes the partnership with JetSynthesys will help create opportunities for talented individuals. - The GEPL plans to build and nurture players, providing them with monthly salaries and the potential for brand endorsements as content creators, ultimately driving viewership and success in the e-cricket industry.

Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95%

EntrackrEntrackr · 16d ago
Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95%
Medial

Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95% Cloud kitchen brand Curefoods has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The move follows the company’s FY25 financial performance, where it reported a revenue of Rs 746 crore and a loss of Rs 170 crore, according to its balance sheet. Curefoods' operating revenue increased by 28% to Rs 746 crore in FY25 from Rs 585 crore in FY24, while its losses remained flat in the last fiscal year. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. In FY25, desserts led revenue with Rs 196 crore, followed by pizza (Rs 183 crore), Indian meals (Rs 178 crore), and healthy meals (Rs 176 crore). While desserts and pizza grew 18% and 95% YoY, respectively, the healthy segment declined by 13%. The Bengaluru-based company added Rs 29 crore from interest on financial assets which pushed its total income to Rs 775 crore in FY25. On the expense side, the cost of materials accounted for the largest share at Rs 273 crore, followed by employee benefit expenses at Rs 180 crore and commissions at Rs 137 crore. Advertising costs jumped significantly by over 64% to Rs 87 crore. Overall, the company’s total expenditure stood at Rs 944 crore in FY25, rising by 17% from Rs 807 crore in FY24. Despite the revenue growth, Curefoods’ loss remained flat at Rs 170 crore in FY25 from Rs 173 crore in FY24. Its ROCE and EBITDA margin stood at -19% and -7.5%, respectively. On a unit level, the company spent Rs 1.27 to earn a rupee of operating revenue in FY25. As of March 2025, the Ankit Nagori-led company had current assets worth Rs 339 crore in FY25, including Rs 80 crore in cash and bank balances. Curefoods’ founder Nagori is entitled to an annual fixed remuneration of Rs 3 crore (inclusive of perquisites and retirement benefits) and an annual variable bonus of up to 20% of his remuneration. Curefoods’ operational performance improved in FY25, with average daily sales rising to Rs 2 crore from Rs 1.5 crore in FY24, amid strong consumer demand across its brands. Among its 10 key brands, Sharief Bhai, EatFit, and CakeZone led revenue with Rs 148 crore, Rs 145 crore, and Rs 102 crore, respectively. The company also added new revenue streams through the launch of Krispy Kreme operations in South, West, and North India, with Rs 15 crore in revenue in FY25 after acquiring the franchise rights. The improving numbers certainly indicate a level of maturity for the business, prompting the move to go public as well. However, risks remain, particularly in the performance of the ‘Healthy Foods’ segment and now, the Krispy Kreme franchise, which has not quite delivered in India, and continues to face a tough challenge to crack the local market. Curefoods and its multi-brand approach remains to be tested, especially with profits still distant, and H1 of FY26 will probably be a good time to evaluate if the firm has discovered a path to profitability.

House of Chikankari bags Rs 4 Cr in seed round

EntrackrEntrackr · 6m ago
House of Chikankari bags Rs 4 Cr in seed round
Medial

House of Chikankari, a Delhi-based artisanal-led ethnic wear D2C brand, has raised Rs 4 crore in its seed round from angel investors and micro-VC funds, including Tudip Ventures, Peyush Bansal (Lenskart), Manoj Meena (Atomberg), Ankit Nagori (Curefoods), Hitesh Dhingra (The Man Company), Alluvium Capital, and Aurinko Partners. The proceeds will be used to expand marketing efforts, grow the team, and scale the business to Rs 100 crore in revenue. Founded by Aakriti Rawal and Poonam Rawal, the brand bridges the gap between traditional craftsmanship and contemporary design. Currently fulfilling around 15,000 monthly products, House of Chikankari generates 85% of its revenue through its D2C website. It is also present on marketplaces such as Nykaa, Myntra, Flipkart, Amazon, and Ajio, with plans to expand internationally to platforms like Noon and Styli. According to the company, 30% of House of Chikankari’s revenue will come from crafts beyond Chikankari in 2025. Over the last four years, House of Chikankari has collaborated with over 10,000 artisans across India. Featured on Shark Tank India Season 2, the brand is backed by angel investors such as Aman Gupta (boAt Lifestyle) and Peyush Bansal (Lenskart).

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