Indian cloud kitchen startup Curefoods raises $62m from Iron Pillar, Chiratae, others

Vegetables and a pizza.

Indian cloud kitchen company Curefoods on Wednesday announced that it has raised $62 million funding from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Flipkart founder Binny Bansal.

While $52 million came in equity funding, $10 million came in debt financing from Alteria Capital, BlackSoil Capital, and Trifecta Capital, the company said in a statement.

In a statement, Curefoods said it plans on utilising the investment to continue acquiring major cloud kitchen brands across the country. Additionally, the company expects to make further inroads by geographically expanding its multi-brand kitchens across the country, and building a direct-to-consumer (D2C) platform for all its brands, it added.

“The online food delivery industry in India is going through a revolutionary phase; the market has shown huge prospects and attracted heavy investments in recent years. Over the next decade, there will be an opportunity to build multiple food brands across cuisines and geographies. With the fund infusion, we plan on expanding across geographies, and meeting newer customer expectations,” said Ankit Nagori, founder, Curefoods.

Earlier this month, Curefoods announced that it had acquired five direct-to-consumer (D2C) food brands for an undisclosed amount. The brands included Mumbai-based Juno’s Pizza, Bengaluru-based Cupcake Noggins, organic ice cream brand Iceberg, Delhi-based Nomad Pizzas and Jaipur-based White Kitchens.

With these additions, Curefoods claims to have more than 20 brands in its portfolio and is looking to house a total of 25 brands by mid-2022. The company also plans to have a presence across 20 cities with 200 locations.

In October last year, Curefoods had announced acquisitions of seven food brands, including ChaatStreet, Parathabox, and CakeZone.

The company owns multiple brands and runs over 100 cloud kitchens nationwide.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.