Cloud kitchen operator Curefoods raises Rs 300 cr to diversity offline

New Delhi, April 6 Leading cloud kitchen operator Curefoods on Thursday announced it has closed a Rs 300 crore funding round, led by Binny Bansal's fund with an investment of Rs 240 crore alone.

The round, consisted of primary and secondary equity and debt, also saw participation from IronPillar, Chiratae Ventures, ASK Finance and Winter Capital.

Curefoods said it aims to use the money to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence.

"Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands," said Ankit Nagori, Founder of Curefoods.

Curefoods said it is poised to achieve ARR of Rs 1,000 crore by the end of 2023.

In the same period, the company also plans to open 50 more locations with an aim of managing two million orders a month.

"This funding will allow us to reach new customers and markets while also targeting our offline model expansion," Nagori added.

In FY2022-23, Curefoods grew over 300 per cent year-on-year.

In December, it recorded a milestone of crossing 1.1 million orders per month, resulting in an annual recurring revenue of Rs 550 crore.

Curefoods raised over Rs 800 crore in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital.