CURRYiT raises Rs 4.5 crore in seed round to scale-up manufacturing & distribution

CURRYiT has announced the successful closure of its latest funding round, raising an amount of Rs 4.5 crore.

The round was led by investors, including RK Family Trust (of Apollo group), Tangent Advisors, Freeflow Ventures, and prominent angel investors such as Ramesh Damani (of DMart group), Ajaya Jain and other angel investors.

The pre-money valuation of CURRYiT stood at Rs 40 crore. 

What does CURRYiT do?

Founded by IIM alumni Richa Sharma and Nischal Kandula, CURRYiT offers the largest range of cooking pastes in India, including curry pastes such as Kashmiri Rogan Josh, Butter Masala, biryani pastes, ginger garlic paste, tomato purees, and instant tadka. 

The startup claims that it serves 25,000+ pin codes per day and has witnessed over 50% month-on-month growth on Q-commerce platforms.

With increased production capacity and distribution, it aims to quadruple its monthly revenue in the next 6 months.

“Clean delicious food is not merely a USP for us, it is a choice we would like consumers to make for tastier and healthier home cooked food. Current range of products available in the market are loaded with chemicals, preservatives, dehydrated vegetables, palm oil, hence compromised on both taste and quality," the founders said.

Purpose of fundraising

The startup plans to use the raised capital to scale up operations, enhance brand marketing efforts, and strengthen its distribution channels.

"We aim to change this for the consumer. With this recent funding, we will double down on our production and marketing efforts to make CURRYiT the go-to brand for every Indian’s daily cooking need," they added.

CURRYiT's manufacturing facility

CURRYiT also boasts of its world-class FDA, ISO-certified in-house manufacturing facility with 40+ quality checks in place. 

The startup said that the facility also allows it to accelerate product go-to-market while keeping costs low and benefiting from economies of scale. 

CURRYiT’s existing investors include RPSG Capital Ventures, IIM Udaipur, and LBB. The Indian ready-to-cook and spices market is likely to grow at a compounded annual growth (CAGR) of 15.7% from $9.81 billion in 2022 to $42.17 billion by 2032.