Curefoods has raised $62 million in funding from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, and Flipkart cofounder Binny Bansal, amid a significant increase in demand for cloud kitchens and online-only restaurants.
Curefoods is run by Ankit Nagori, a former Flipkart executive who branched out from Curefit, which he co-founded with Myntra founder Mukesh Bansal. By acquiring, incubating, and licencing other food brands, the company hopes to create a multi-brand, Thrasio-like play. It already has 20 brands under its umbrella, 15 of which are fully acquired.
“If you look at how the brands or cuisines are consumed, there are no national brands in any category. Hence, we decided to go after midsize regional players and city leaders, scale them, and see whether they can go national or not,” Nagori told ET. “Food is very fragmented and we will try and scale most brands up to a regional level. For the national level, we will only pick a few brands. Right now, we are taking three brands national.”
Curefoods intends to use 30-50 percent of the fresh infusion to continue its buying spree across the country, a strategy used by others in the industry.
Get to know the pulses of the Indian startup ecosystem in reality by attending “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter” organized by the All India Council for robotics and automation, supported by the Ministry of electronics and information technology.
The event is scheduled to be held on the 17th and 18th of February 2022, marking the biggest tech startup event this year. The event brings together the speakers that are the best breed of entrepreneurs, innovators, venture capitalists, government department’s representatives, business model creators, consultants, policy-makers, academicians, support groups, business coaches and business practitioners.
The Platform helps startups to ramp up their innovative ideas and show off their services and products to attract investors. The experts of the industry will address and discuss all the innovations happening around the startup environment that youth empowerment and new-age tech business ideas can grow.
Click to know more about India’s biggest tech startup event: https://www.aicra.org/events/delhi/index.php