Curefoods, a food and beverage (F&B) startup in India, has entered into an agreement with the Landmark Group to acquire operations of Krispy Kreme, the popular doughnut brand, in the South and West of India, the companies said in a joint press release on December 31.
While the current agreement allows Curefoods to run and operate Krispy Kreme in the South and West of India, Curefoods is also in discussions to expand operations to the North and East of India over the coming months, founder Ankit Nagori told Moneycontrol.
Krispy Kreme, under Curefoods, currently has over 50 touchpoints and has plans to expand to over 350 additional points of access in India over the next five years.
The deal is a mix of cash and equity. Curefoods has given money and shares in the company to the Landmark Group, Nagori said.
“This partnership underscores our commitment to expanding into categories beyond our cloud kitchen ecosystem and investing in well-loved brands to enhance our presence in India’s food market,” he added.
Binny Bansal-backed Curefoods has been expanding operations by bringing Frozen Bottle and other brands under its fold, along with an existing portfolio of brands such as EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani, among others.
ALSO READ: Curefoods in talks to raise $40 million in Series D round of funding, eyes IPO in 18 months
Overall, it has over 500 cloud kitchens and offline stores that cater to over 10 cuisines, across 40 cities in India.
“We’ve had a very fruitful partnership with Krispy Kreme Doughnut Corporation (KKDC) and created a growing and profitable business…we’re delighted to see it join the Curefoods portfolio where, we’re certain, it will continue to grow significantly in the years to come,” K A Madappa, President, Citymax Hotels Pvt Ltd & Business Head of Krispy Kreme said.
Founded in 2016, Bengaluru-based Curefoods competes with firms like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8), which are at the forefront of the industry and are building a house of food brands.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
