The series A round also saw with participation from Nordstar and Flipkart co-founder Binny Bansal, a statement said
Curefoods, which operates the cloud kitchen brand EatFit, on Wednesday said it has raised USD 13 million (about Rs 96.4 crore) in funding, led by Iron Pillar. The series A round also saw with participation from Nordstar and Flipkart co-founder Binny Bansal, a statement said. Leading angel investors Adil Allana, Rashmi Kwatra, Lydia Jett, and Kunal Shah also participated in the round, it added.
Curefoods has raised USD 20 million between seed and series A funding. The company is also looking at closing a USD 10 million debt raise in the coming weeks.
The fresh influx of funds will be used to acquire many more digital food brands across geographies, the statement said. Curefoods also will look at expanding its cloud kitchen footprint across multiple cities and build backend technology to manage its multi-brand, multi-city kitchens footprint, it added.
With the advent of many digital-first food brands, there is a large opportunity to aggregate them into a single platform and attain demand-side and supply-side scale advantage, the company noted. Curefoods, which commenced operations in 2020, operates brands like EatFit, Yumlane, Aligarh House Biryani, and Masalabox. It has over 25 kitchens across four cities in India. Curefoods has been acquiring and incubating multiple cloud kitchen brands in the last few months. ”Online food delivery in India is highly fragmented with almost no Indian-origin brands amongst the top ten across the country. In the next decade, there is an opportunity to build and incubate brands across cuisines with meaningful scale,” Ankit Nagori, founder of Curefoods, said.
He added that there will be multiple USD 50 million brands in the future in the online delivery space and Curefoods believes it is in a great position to build, acquire, and own many of them. “Use of technology, precise digital marketing, profitable growth, and great brand building will be the key ingredients for success here,” he said.