Curefoods, a cloud kitchen startup founded by Ankit Nagori, has raised $62 million in a fresh round of funding, as it seeks to build a house of food brands.
Of this, $52 million has been raised in equity funding from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Flipkart co-founder Binny Bansal while $10 million is debt financing from Alteria Capital, BlackSoil Capital and Trifecta Capital. This is its Series B round and comes months after it raised $13 million in Series A from Iron Pillar, Nordstar and Bansal.
Speaking to Moneycontrol, Ankit Nagori, who co-founded Eat.Fit before Curefoods, did not disclose the exact valuation but added that it has increased 3-4 times from the last fundraise. People familiar with the development said it is likely valued in the range of $250-$400 million.
With the newly raised funds, Curefoods will now be looking to acquire mid-sized food brands that have 30-35 kitchens, clocking $8-10 million annual recurring revenue (ARR). By the end of 2022, Curefoods aims to acquire 25-30 brands. It already has over 20 brands in its portfolio.