Curefoods’ valuation nears $400 Mn in Series C round

Cloud kitchen company Curefoods has raised $46 million or Rs 343 crore in its Series C round led by Cayman-based Crimson Winter and participated by existing investors including Iron Pillar, Accel, Chiratte, Three State capital and Sixteen Street.

Crimson led the round with Rs 114 crore while Iron Pillar has invested Rs 76 crore, CureFoods’ regulatory filings show. Accel, Chiratte, Three State Capital, Sixteen Street and other individual investors have collectively put in Rs 153 crore.

With this, the company has mopped up $108 million in 2022 and $121 million since August last year. It had raised $62 million in a Series B round from investors including Iron Pillar, Chiratae, Accel and Binny Bansal in February and a $13 million Series A round in August.

Curefoods is likely to close this round at $50 million as per a Moneycontrol report.

Curefoods is a cloud-kitchen platform which operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. At present, it has over 100 kitchens across 12 cities in India. In Oct 2020, Curefit had hived off its cloud kitchen vertical EatFit with Ankit Nagori holding over 80% of the company.

According to Fintrackr’s estimates, Curefoods has been valued at around $390-395 million (post-money) in the Series C round. The company will use these proceeds to expand its operations and fund short term and long-term financial requirements, as per filings.

Curefoods primarily competes with Coatue-backed Rebel Foods and Box8 whereas a host of independent brands such as Biryani Blues, Biryani by Kilo are its indirect competition. In January, Curefoods announced its merger with rival company Maverix, which is backed by Swiggy and Accel. In March, the company picked up a majority stake in milkshake brand Frozen Bottle. It owns more than 20 brands in its portfolio and aims to take it up to 25 by June end.

While the company is yet to file annual financial statements for FY22, its revenue from operations stood at Rs 1.96 crore in FY21 with a loss of Rs 1.33 crore.