Bengaluru-based cloud kitchen startup Curefoods has raised ₹80 crore ($9.6 million) in a debt round led by Binny Bansal and Jitender Kumar Bansal, marking its second significant funding event within six months. The funds were raised through an unsecured member deposit, as per a loan agreement filed with the Registrar of Companies (ROC). This follows the company’s earlier $25 million Series D round in March, also led by Binny Bansal through Three State Ventures. With this latest infusion, Curefoods’ total funding has surpassed $200 million.
Curefoods, which operates brands such as EatFit, Yumlane, and CakeZone, is now in talks to raise an additional $40 million as part of its Series D round, a move that could bring its valuation to approximately $500 million. Founded in 2020, Curefoods has rapidly expanded its presence across 15 cities, with over 100 kitchens, 150 multi-brand cloud kitchens, and seven food factories. It also acquired YumLane Pizza and Millet Express in 2023, reflecting its aggressive growth strategy in the competitive cloud kitchen sector.
With revenues of ₹384 crore in FY23, Curefoods is the second-largest player in the cloud kitchen space, behind Rebel Foods, which reported ₹1,420 crore in revenue during the same period.
Key Highlights:
- Curefoods raised ₹80 crore ($9.6M) in a debt round led by Binny Bansal and Jitender Kumar Bansal.
- The company is targeting a $500M valuation with plans to raise an additional $40M in its ongoing Series D funding.
- Curefoods operates 100+ kitchens across 15 cities, reporting revenues of ₹384 crore in FY23, positioning itself as a leading player in the cloud kitchen sector.