Three state ventures invests Rs.200 cr in 'Curefoods' to build on operational excellence

Flipkart Co-founder Binny Bansal’s Three State Ventures has reportedly invested an amount of Rs.200 crores in Accel Backed cloud kitchen startup Curefoods. With this funding, the total funds invested by the fund has moved to Rs.500 crores at a post-money valuation of around Rs.3,000 crores.

As per the statement of founder and CEO of Curefoods Ankit Nagori, the company raised $36 million in the first tranche of Series D and is now valued at $375 million. Data Intelligence platform TheKredible says that till now it has raised more than $190 million.

The freshly lifted fund will be utilised to expand its offline business including some of its popular brands like Nomad Pizza and Sharief Bhai Biryani. According to the report of Economic Times, Binny Bansal has bought Cultfit’s cloud based food app with some angel investors and started his investment journey.

The startup told, that the funding consisted of primary and secondary equity and debt, with Three State Ventures leading the round with a cheque of Rs.240 crore.

Curefood was founded by a former Flipkart executive, Ankit Nagori,in 2016, in Bengaluru. The company has notable competitors like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8). It has taken over old brands to help them scale with technology and digital marketing.

Recently, the company has closed its series C funding round $50 million from a mix of new and existing investor.Curefoods operates food brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. The company is operational over 100 kitchens in more than 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens.

In 2023, the company has acquired two brands, YumLane Pizza and Millet Express. Curefoods is the second largest brand after Rebel Foods in terms of revenue. The company witnessed a jump of 400% in their operating revenue measures Rs.382 crore for FY23, and it losses Rs.342 crore in FY23.