SUMMARY
- Curefoods has raised ₹80 crore (approximately $9.6 million) in debt from Binny and Jitender Kumar Bansal
- The company is also in talks to raise an additional $40 million in its Series D round, potentially increasing its valuation to $500 million.
- Operating brands like EatFit and CakeZone, Curefoods is the second-largest player in the cloud kitchen market
Bengaluru-based cloud kitchen startup Curefoods has successfully raised ₹80 crore (approximately $9.6 million) in a recent debt round led by Binny Bansal and Jitender Kumar Bansal. This marks the second fundraising effort for the company within the past six months, showcasing its ongoing growth trajectory in the competitive food delivery market.
According to the filings with the Registrar of Companies (ROC), the funding was secured through an unsecured member deposit, as stipulated in the loan agreement between Curefoods and the Bansal duo. This follows Curefoods’ earlier fundraising of $25 million in March as part of its Series D funding round, which was facilitated by Three State Ventures, a fund initiated by Flipkart co-founder Binny Bansal. To date, Curefoods has raised over $200 million in total funding.
Current reports indicate that Curefoods is in discussions to secure an additional $40 million as part of its Series D round, which would involve a combination of primary and secondary transactions. If successful, this funding could elevate the company’s valuation to around $500 million.
Founded in 2020, Curefoods operates several brands, including EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. The company boasts over 100 kitchens located across 200 sites in 15 cities, supported by a backend infrastructure that includes over seven food factories and 150 multi-brand cloud kitchens.
In addition to its rapid fundraising, Curefoods has expanded its portfolio by acquiring two brands—YumLane Pizza and Millet Express—in 2023. In December, it also invested ₹10 crore (approximately $1.2 million) in Hogr, a social platform designed to enhance restaurant and food discovery.
Curefoods has positioned itself as the second-largest player in the cloud kitchen industry, following Rebel Foods. For the fiscal year 2023, Curefoods reported revenues of ₹384 crore, while Rebel Foods achieved an impressive operating revenue of ₹1,420 crore during the same period. Other notable competitors in the space include EatClub and Biryani By Kilo, both of which reported revenues exceeding ₹300 crore in FY23.
