Before this, the firm had raised over $150 million in equity and venture debt across Series A and B raises in 2021 and 2022, respectively. Prominent investors include Accel Partners, BlackSoil, Iron Pillar, Chiratae Ventures and others. Mumbai-based investment banking firm Ambit acted as the exclusive financial advisor to CureFoods in the current fundraise.
Founded in 2020 by Ankit Nagori, CureFoods owns and operates delivery-only food brands including Curefit, Aligarh House, Yumlane, Great Indian Khichdi and Canteen Central.
Earlier this year, it acquired five food brands, taking its total number of brands to 20. The company had revealed plans to acquire another five by mid-2022. It runs over 100 kitchens across 12 cities, and is targeting to clock an annual recurring revenue of $8-10 million in the current financial year, according to its earlier statement.
The funds raised from the current round will be used towards the expansion of existing brands into newer geographies and the acquisition of newer brands, the company said.
CureFoods competes with other cloud kitchen brands such as Freshmenu, Box8 and Faasos, who have racked up millions in funding recently as the foodtech segment turned out to be a hotbed for investors. However, overall funding for the consumer internet segment has slowed.
In April, Freshmenu raised fresh funding worth $7 million from Florintree Advisors, a growth stage venture capital firm. In October 2021 Faasos’ parent company Rebel Foods entered the unicorn club after raising a $175-million Series F round led by Qatar Investment Authority. In December 2021, Box8’s parent firm Eatclub raised $40 million from Tiger Global at a $340 million valuation, while Food delivery brand Biryani By Kilo raised $35 million in a funding round led by Falcon Edge venture capital arm Alpha Wave Ventures in November 2021.