Curefoods, which operates EatFit, announced on Wednesday, August 25 that it has raised $13 million in its Series A round. The round was led by Iron Pillar, and saw the participation of Nordstar and Binny Bansal as well as angel investors Adil Allana, Rashmi Kwatra, Lydia Jett and Kunal Shah. In its seed round, Curefoods had raised $7 million. The company said it is also looking to close a $10 million debt raise in the coming weeks.
This comes as the company has been acquiring and incubating multiple cloud kitchen brands in the last few months. The funds will be used to acquire more digital food brands across geographies, Curefoods said.
Outlining its plan, the company said, “Curefoods will look to expand its cloud kitchen footprint across multiple cities and build backend technology to manage its multi-brand, multi-city kitchens footprint. With the advent of many digital-first food brands, there is a large opportunity to aggregate them into a single platform and attain demand-side and supply-side scale advantage."
Ankit Nagori, Curefoods founder, said, “Online food delivery in India is highly fragmented with almost no Indian-origin brands amongst the top 10 across the country. In the next decade, there is an opportunity to build and incubate brands across cuisines with meaningful scale. There will be multiple $50 mn brands in the future in the online delivery space and we believe we are in a great position to build, acquire and own many of them. Use of technology, precise digital marketing, profitable growth, and great brand building will be the key ingredients for success here.”
Curefoods operates brands such as EatFit, Yumlane, Aligarh House Biryani, and Masalabox. According to the company, it has over 25 kitchens across four cities in India.
EatFit, which was part of Cult.fit, was hived off last year under Curefoods after being impacted due to the pandemic, and had to exit many cities and shut down in several locations. It exited 12 cities and had decided to focus on three cities — Bengaluru, Hyderabad and Coimbatore. Now, it is present in four cities.