Curefoods seeks $40 million in Series D funding, eyes IPO
Curefoods, a prominent cloud kitchen start-up, is negotiating to secure $40 million in its Series D funding round, as per Moneycontrol. The company plans to use this capital to open more restaurants, acquire additional food brands, and extend its reach into new markets like Dubai. This funding round will consist of both primary and secondary share sales, potentially valuing the company at approximately $500 million post-money. Curefoods is also eyeing an initial public offering (IPO) in 18 months.
Curefit to exit in upcoming funding round
Curefit Healthcare Private Limited (Cult Fit) is anticipated to sell its remaining 2% stake in Curefoods, and completely exit during this funding round. The secondary transaction will occur between investors, without any funds entering the company. While it is unclear who the new investors will be for the primary portion of this round, existing backers such as Flipkart co-founder Binny Bansal are expected to participate.
Curefoods plans IPO within 18 months
The upcoming funding round is likely to be Curefoods's last private market funding, as the company plans to go public in 18 months. In preparation for this, it has already begun discussions with bankers. The start-up operates several brands including Eatfit, Rolls on Wheels, Sharief Bhai Biryani, Olio, Great Indian Khichdi, Nomad Pizza, CakeZone and Millet Express.
Curefoods' brands show strong financial performance
Four of Curefoods's brands - Olio, Eatfit, CakeZone, and Sharief Bhai Biryani - have already surpassed a revenue run rate of ₹100 crore. Nomad Pizza is also nearing this milestone. The revenue run rate is a financial performance indicator that projects a company's annual revenue, based on its current earnings within a specific period.
