Curefoods, a Bengaluru-based cloud kitchen operator stated it has raised funds price ₹300 crore.
The funding spherical consisted of major and secondary fairness and debt and was led by Binny Bansal’s enterprise capital fund, Three State Ventures, with an funding of ₹240 crore together with different participant corporations IronPillar, Chiratae Ventures, ASK Finance and Winter Capital, the corporate stated in a press release.
Curefoods can be deploying the recent funds to broaden its geographical attain and diversify its manufacturers into offline codecs, from the present online-only cloud kitchen presence. The agency additionally has plans to broaden in Tier-1 and Tier-2 cities within the Northern and Western elements of the nation, and open at 50 new areas with an purpose of managing 2 million orders a month, the corporate stated in a press release.
Ankit Nagori, founding father of Curefoods stated, “This funding will enable us to achieve new clients and markets whereas additionally focusing on our offline mannequin growth.’‘
Earlier, Curefoods had raised over ₹800 crore in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital.
The cloud kitchen operator claimed that in FY2022-23, it recorded a year-on-year growth of over 300% and it targets an annual recurring revenue (ARR) of ₹1,000 crore by the end of FY’23.
