Flipkart co-founder Binny Bansal invests additional Rs. 200cr in Curefoods
What's the story
Flipkart co-founder Binny Bansal, through his fund Three State Ventures, has increased his investment in cloud kitchen start-up Curefoods by Rs. 200 crore.
This brings the total funds invested to Rs. 500 crore, valuing the company at approximately Rs. 3,000 crore or around $375 million.
The additional funding is expected to be used for offline expansion of popular brands such as Nomad Pizza and Sharief Bhai Biryani.
Market competition
Curefoods's growth and competitive landscape
Curefoods, founded by former Flipkart executive Ankit Nagori in 2016, operates in the competitive cloud kitchen industry.
The Bengaluru-based start-up competes with entities such as Rebel Foods, Biryani by Kilo, and EatClub.
These companies are leading the industry by acquiring food brands and leveraging technology, digital marketing, and sales strategies to accelerate growth.
Curefoods also owns brands like Frozen Bottle, EatFit, and CakeZone.
Market expansion
Curefoods's expansion and financial performance
Curefoods has been expanding its business through acquisitions, including the food discovery platform Hogr in 2023 and foodtech company Yumlane.
The start-up's operating revenue saw a significant increase of 400% to Rs. 382 crore in FY23.
Despite this impressive growth, 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.