New Delhi, Jan 12 (PTI) Curefoods, a delivery-only restaurant chain operator, on Wednesday said it has raised USD 62 million (nearly Rs 460 crore) from investors, including Iron Pillar, Chiratae Ventures and Flipkart co-founder Binny Bansal.
Sixteenth Street Capital and Accel Partners also participated in the funding round, in which USD 52 million were raised as equity funding and USD 10 million in debt financing from Alteria Capital, BlackSoil Capital and Trifecta Capital, the company said in a statement.
Curefoods said it plans to utilise the fund to continue acquiring major cloud kitchen brands across the country.
Earlier this month, the company had announced acquisition of Juno’s Pizza based out of Mumbai; Bengaluru-based Cupcake Noggins, organic ice cream brand Iceberg; Delhi-based Nomad Pizzas and Jaipur-based White Kitchens.
Additionally, the company said it expects to make further inroads by geographically expanding its multi-brand kitchens across the country and building a D2C (direct-to-consumer) platform for all its brands using the fresh funding.
“With the fund infusion, we plan on expanding across geographies, and meeting newer customer expectations,” Curefoods founder Ankit Nagori said.
The online food delivery industry in India is going through a revolutionary phase and the market has shown huge prospects and attracted heavy investments in recent years, he added.
Expressing similar views, Sixteenth Street Capital Founder and Managing Partner Rashmi Kwatra said India’s food landscape is evolving rapidly with online delivery platforms processing millions of orders daily. This allows unique food brands, previously limited by distribution or shelf space, to scale both locally and regionally in a manner not seen before.
“Curefoods is led by an experienced and extremely execution-focused team. Their house of brands platform will allow individual food brands to navigate the challenges of scaling, and leverage off each other’s scale to build larger, more profitable and more durable businesses,” Kwatra said.
Chiratae Ventures Founder and Chairman Sudhir Sethi said, “Curefoods is a tech-enabled rapidly growing food business characterised by innovation, agility, scale, technology, consumer service, and acquisitions of leader brands…Ankit’s vision to take quality food to a billion Indians in due course excites us.” Similarly, Iron Pillar Vice President Devavrat Jatia said, “There is a massive opportunity to build large national and regional food brands in India, and the Curefoods team in a short span has demonstrated their capability to identify, acquire and scale these brands through their experience in technology led distribution, and brand building.” PTI RKL SM RUJ RUJ
source: PTI News