Foodtech Startup Curefoods raises $13 million led by Iron Pillar, Nordstar & Others
Curefoods, Ankit Nagori's spin-off foodtech company that owns Eatfit, Yumlane, Aligarh House Biryani, and Masalabox, has raised $13 million in funding led by Iron Pillar, Nordstar, and Binny Bansal. According to a statement, leading angels Adil Allana, Rashmi Kwatra, Lydia Jett, and Kunal Shah also took part in the round.
In recent months, the firm has acquired and incubated a number of cloud kitchen companies. The new cash will be utilised to acquire a slew of new digital food businesses across the globe.
Curefoods also plans to grow its cloud kitchen footprint across many cities and develop backend technologies to handle its multi-brand, multi-city kitchens.
With this round of fundraising, the company has raised a total of $20 million in seed and Series A funding. In the coming weeks, Curefoods hopes to close a $10 million debt raise. According to Ankit, the team now plans to expand from four to eight cities in South India in the next 12 months, as well as acquire five more companies.
"The pandemic has transformed the way people eat and order food online. Some people did it for convenience and some people for entertainment. This made us believe that there is no one size fits all. While we have been successful with Eatfit with a certain kind of audience at a certain time, we couldn't cater for entertainment of group ordering. We wanted to have a multi-brand approach that catered to different needs of the audiences," says Ankit.
He went on to say that just a handful Indian cloud-kitchen businesses are among the top ten ordering options for consumers across the country, with regional brands also being among the top ten. "This means the local regional brands haven't had velocity to reach a national level. So we thought to onboard local well-known cloud kitchen brands, that are digital brands, with Curefoods."
In an interview, Anand Prasanna, Managing Partner of Iron Pillar, stated that internet delivery has grown significantly in the last 18 months.
In recent months, the firm has acquired and incubated a number of cloud kitchen companies. The new cash will be utilised to acquire a slew of new digital food businesses across the globe.
Curefoods also plans to grow its cloud kitchen footprint across many cities and develop backend technologies to handle its multi-brand, multi-city kitchens.
With this round of fundraising, the company has raised a total of $20 million in seed and Series A funding. In the coming weeks, Curefoods hopes to close a $10 million debt raise. According to Ankit, the team now plans to expand from four to eight cities in South India in the next 12 months, as well as acquire five more companies.
"The pandemic has transformed the way people eat and order food online. Some people did it for convenience and some people for entertainment. This made us believe that there is no one size fits all. While we have been successful with Eatfit with a certain kind of audience at a certain time, we couldn't cater for entertainment of group ordering. We wanted to have a multi-brand approach that catered to different needs of the audiences," says Ankit.
He went on to say that just a handful Indian cloud-kitchen businesses are among the top ten ordering options for consumers across the country, with regional brands also being among the top ten. "This means the local regional brands haven't had velocity to reach a national level. So we thought to onboard local well-known cloud kitchen brands, that are digital brands, with Curefoods."
In an interview, Anand Prasanna, Managing Partner of Iron Pillar, stated that internet delivery has grown significantly in the last 18 months.
