In its Series D round, Curefoods, a cloud kitchen start-up, received a Rs 207 crore investment. Flipkart co-founder Binny Bansal's fund, Three State Ventures, invested about Rs 207 crore in the funding.
A cloud kitchen is a commercial kitchen that prepares food for delivery and take-out. It does not have a dine-in area. An example of the same is Uber Eats.
With this, the total fund invested in the Accel-backed start-up has increased to Rs 500 crore, according to a report by Moneycontrol. Now, the post-money valuation of the company is Rs 3,000 crore.
Previously, Ankit Nagori’s Curefoods had raised $36 million in its first batch of Series D funding. Similarly, the start-up raised $50 million in Series C funding from new as well as existing investors.
The funds from the Series D fund will likely be used by the firm to expand its offline business, reports Moneycontrol. EatFit, Nomad Pizza, Millet Express, and Sharief Bhai are some of the brands that are handled by Curefoods.
In 2023, Bansal’s Three State Ventures invested Rs 240 crore via primary and secondary equity and debt in the start-up. Nagori, the founder of Curefoods, was previously the former executive of Flipkart. His current Bengaluru-based start-up faces competition from Biriyani by Kilo, EatClub, Rebel Foods, and more.
In January 2024, the company’s operating revenue increased fourfold to Rs 382 crore (for the financial year ending March 2023). This was even as its loss grew five times to Rs 374 crore.
