Flipkart co-founder Binny Bansal has increased his investment in cloud kitchen start-up Curefoods by Rs. 200 crore through his fund Three State Ventures. This brings the total funds invested in the company to Rs. 500 crore, valuing it at approximately Rs. 3,000 crore or around $375 million. The additional funding will be used to support the offline expansion of popular brands like Nomad Pizza and Sharief Bhai Biryani.
Curefoods, which was founded by former Flipkart executive Ankit Nagori in 2016, operates in the competitive cloud kitchen industry. It competes with companies such as Rebel Foods, Biryani by Kilo, and EatClub, which are driving growth in the industry through the acquisition of food brands and the use of technology, digital marketing, and sales strategies. Curefoods also owns brands like Frozen Bottle, EatFit, and CakeZone.
In its expansion efforts, Curefoods has made acquisitions, including the food discovery platform Hogr in 2023 and foodtech company Yumlane. The start-up’s operating revenue in FY23 saw a significant increase of 400% to Rs. 382 crore. However, the firm reported losses of Rs. 342 crore for the same fiscal year. The additional investment from Binny Bansal is part of an ongoing funding round that Curefoods initiated in April 2023 when it raised Rs. 300 crore.