Binny Bansal Injects Rs 200 Cr More into Curefoods, Total Round Size Hits Rs 500 Cr
Flipkart's cofounder Binny Bansal's investment firm, Three State Ventures, has injected an additional Rs 200 crores into Accel-backed cloud kitchen startup Curefoods, bringing the total funds raised to Rs 500 crores at a post-money valuation of approximately Rs 3,000 crores (around USD 375 million), sources informed a media house.
The funding infusion is expected to support the expansion of Curefoods' offline business, particularly its popular brands such as Nomad Pizza and Sharief Bhai Biryani, alongside other brands like Frozen Bottle, EatFit and CakeZone.
Binny Bansal's reinforced commitment to this investment reflects the growing interest among investors in consumer internet brands, despite a relatively subdued funding environment.
This additional investment from Binny Bansal is part of Curefoods' ongoing funding round initiated in April 2023, where it raised Rs 300 crore (about USD 37 million) from Three State Ventures, IronPillar and other investors.
Founded in 2016 by Ankit Nagori, a former Flipkart executive, Curefoods competes with leading firms in the cloud kitchen industry such as Rebel Foods, Biryani by Kilo and EatClub (formerly Box8), leveraging technology, digital marketing and sales strategies to accelerate brand growth.
Curefoods recently concluded its Series C funding round of USD 50 million, led by Winter Capital, with participation from both new and existing investors. In early 2022, the startup was valued at approximately USD 250 million.
Additionally, Curefoods has pursued inorganic growth through strategic acquisitions, including the food discovery platform Hogr in 2023 and the foodtech company Yumlane, along with its proprietary technology, in October of the same year.
According to filings with the Registrar of Companies (RoC), Curefoods reported a significant 400 per cent surge in operating revenue to Rs 382 crore for FY23. However, the firm recorded losses amounting to Rs 342 crore during the same period.
