Curefoods, the innovative cloud kitchen startup, has successfully raised approximately ₹80 crore (about $9.6 million) through debt financing from investors Binny Bansal and Jitender Kumar Bansal. This marks the Bengaluru-based company’s second significant fundraising effort in just six months.
According to filings with the Registrar of Companies (ROC), Curefoods has secured an ₹80 crore loan from the Bansals as part of an unsecured member deposit agreement detailed in the loan contract between the company and its investors.
Earlier this year, in March, Curefoods attracted $25 million in Series D funding from Three State Ventures, a fund established by Flipkart co-founder Binny Bansal. As highlighted by the startup intelligence platform TheKredible, Curefoods has amassed over $200 million in total funding to date.
A recent report by Moneycontrol indicates that the company is currently negotiating to raise an additional $40 million as part of its ongoing Series D round, which would include both primary and secondary transactions. With these developments, the company’s valuation is projected to approach the $500 million mark.
Founded in 2020, Curefoods operates a range of brands, including EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It boasts a network of over 100 kitchens across 200 locations in 15 cities, supported by a robust backend infrastructure consisting of seven food factories and 150 multi-brand cloud kitchens.
In addition to its fundraising success, Curefoods has expanded its portfolio by acquiring two brands, YumLane Pizza and Millet Express, in 2023. In December, it also invested ₹10 crore (approximately $1.2 million) in Hogr, a social platform that facilitates restaurant and food discovery.
Curefoods has now positioned itself as the second-largest player in the cloud kitchen sector, trailing behind Rebel Foods. The company reported ₹384 crore in revenue for FY23, with figures for FY24 yet to be disclosed. In comparison, Rebel Foods achieved an operating revenue of ₹1,420 crore in FY24. Other notable competitors in the industry include EatClub and Biryani By Kilo, both of which reported revenues exceeding ₹300 crore in FY23.