Flipkart co-founder Binny Bansal invests Rs 200 crore more in cloud kitchen startup Curefoods

Bengaluru-based cloud kitchen startup Curefoods has recently secured an additional $25 million in funding from Binny Bansal's Three State Ventures.

The investment is part of an ongoing funding round that began in April 2023, raising Three State Ventures' total investment in Curefoods to $50 million. The startup plans to use the raised capital to expand its offline presence, including popular brands like Nomad Pizza and Sharief Bhai Biryani, aiming to bolster its footprint in the food sector.

Curefoods' growth 

Founded in 2020 by Ankit Nagori, Curefoods has rapidly expanded its portfolio to include over 200 cloud kitchens and offline stores across 15 cities in India. The startup, now valued at around $375 million, houses various brands, such as EatFit, Cakezone, and Frozen Bottle, catering to a wide range of cuisines.

The startup has made some acquisitions, including foodtech startup Yumlane and millet startup Millet Express.

Binny Bansal's investment strategy 

Following his departure from Flipkart, Binny Bansal has been actively investing in the Indian startup ecosystem. His latest $25 million investment in Curefoods, by buying out Cultfit’s stake and those of select angel investors, has increased his stake in the company to 18%.

Bansal's investment spree doesn't stop here; he has also been involved in funding other ventures, including his new startup OppDoor, and is actively seeking CEOs to lead these new businesses.

Besides Curefoods, Bansal is also an investor in Acko, Inshorts, Ula, Rupifi, and Cult.fit, among others.

The competitive landscape

Curefoods operates in a highly competitive cloud kitchen market, with major players like Rebel Foods and Box8.

Despite the competition, Curefoods has managed to carve out a significant niche for itself, becoming the second-largest brand in terms of revenue after Rebel Foods. The company's strategic acquisitions and expansion plans have played a crucial role in its growth, with revenues reaching Rs 384 crore in the last fiscal year.