Curefoods raises Rs 300 crore funding to accelerate growth

Cloud kitchen operator Curefoods on Thursday announced that it has raised Rs 300 crore in a funding round that concluded last week.

The round consisted of primary and secondary equity and debt and was led by Binny Bansal’s fund Three State Capital with an investment of Rs 240 crore along with other participant companies IronPillar, Chiratae Ventures, ASK Finance and Winter Capital, the company said in a statement. Curefoods aims to use this fundraise to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence, it added.

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This funding will allow Curefoods to reach new customers and markets while also targeting the offline model expansion, Curefoods founder Ankit Nagori said. Previously, Curefoods raised over Rs 800 crores in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital in January 2022. Curefoods is targeting an ARR (accounting rate of return) of Rs 1,000 crore by the end of 2023, open 50 more locations and managing 2 million orders a month.