Food Delivery: Curefoods Raises $ 13 Million In Funding From Iron Pillar, Binny Bansal And Others

Curefoods, which operates cloud-based cooking brand EatFit, said on Wednesday it had raised $ 13 million (around Rs 96.4 crore) in funding, led by Iron Pillar. The Series A tour also saw the participation of Nordstar and Flipkart co-founder Binny Bansal, according to a statement.

Major angel investors Adil Allana, Rashmi Kwatra, Lydia Jett and Kunal Shah also participated in the round, he added.

Curefoods has raised $ 20 million between seed funding and Series A. The company also plans to close a $ 10 million debt increase in the coming weeks.

The new influx of funds will be used to acquire many other digital food brands in all geographies, the statement said.

Curefoods will also look to expand its cloud kitchen footprint across multiple cities and develop backend technology to manage its multi-brand and multi-city kitchen footprint, he added.

With the advent of many digitally driven food brands, there is a great opportunity to aggregate them into a single platform and gain a scale advantage on both the demand and supply side, noted the company.

Curefoods, which started operations in 2020, operates brands like EatFit, Yumlane, Aligarh House Biryani and Masalabox. It has more than 25 cuisines in four Indian cities. Curefoods has acquired and incubated several brands of cloud kitchens over the past few months.

“Online food delivery in India is very fragmented, with almost no Indian origin brands in the top ten across the country. Over the next decade, it will be possible to create and incubate brands in kitchens of significant scale, ”Ankit Nagori, founder of Curefoods, said.

He added that there will be several $ 50 million brands going forward in the online delivery space and Curefoods believes it is in an excellent position to build, acquire and own many of them.

“The use of technology, precise digital marketing, profitable growth and great branding will be the key ingredients for success here,” he said.