“Binny Bansal Injects ₹200 Crore Additional Funding into Curefoods, Founded by Former Flipkart Executive”
Binny Bansal, co-founder of Flipkart and head of Three State Ventures, has announced an additional investment of ₹200 crore in the cloud kitchen startup Curefoods. This move is part of an ongoing funding round that commenced in April 2023, where Curefoods initially raised ₹300 crore. The total investment from Three State Ventures now stands at ₹500 crore, valuing Curefoods at approximately ₹3,000 crore post-money, as reported by Moneycontrol based on insider information.
Binny Bansal, co-founder of Flipkart and head of Three State Ventures, has announced an additional investment of ₹200 crore in the cloud kitchen startup Curefoods. This move is part of an ongoing funding round that commenced in April 2023, where Curefoods initially raised ₹300 crore. The total investment from Three State Ventures now stands at ₹500 crore, valuing Curefoods at approximately ₹3,000 crore post-money, as reported by Moneycontrol based on insider information.
The freshly injected funds will fuel Curefoods’ expansion plans, particularly focusing on its offline business expansion and the growth of popular brands like Nomad Pizza and Sharief Bhai Biryani.
Curefoods, founded in 2016 by Ankit Nagori, a former executive at Flipkart, operates in the competitive cloud kitchen sector, contending with companies such as Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8). The startup specializes in acquiring food brands and leveraging technology and digital marketing to scale their operations efficiently.
The company’s financial performance has seen significant strides, with reports indicating a 400% surge in operating revenue to ₹382 crore for the fiscal year 2023. However, Curefoods also recorded losses of ₹342 crore during the same period, reflecting the challenges and investments associated with rapid expansion and market competition.
In its journey of inorganic growth, Curefoods made strategic acquisitions, including the food discovery platform Hogr in early 2023 and the foodtech company Yumlane later that year, along with its proprietary technology. These acquisitions have contributed to Curefoods’ market presence and technological capabilities.
Binny Bansal’s continued investment in Curefoods underscores his confidence in the startup’s potential and the cloud kitchen sector’s growth prospects. The infusion of ₹200 crore further strengthens Curefoods’ position as it continues to innovate and expand its footprint in the competitive foodtech landscape.
Sources By Agencies
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