Curefoods in talks to raise $40 million in Series D round of funding, eyes IPO in 18 months

Curefoods founder Ankit Nagori.

Cloud kitchen startup Curefoods is in talks to raise $40 million as part of its Series D round of funding, as it looks to open more restaurants, acquire food brands and expand into newer markets such as Dubai, sources have said.

The round will be a mix of primary and secondary share sales, with a post money valuation of roughly $500 million.

Curefit Healthcare Private Limited (Cult Fit) is expected to sell its remaining 2 percent stake in the startup and fully exit as part of the round.

A secondary transaction happens between investors, with no money coming into a company unlike a primary round.

While it wasn’t immediately clear who the new investors will be in the primary portion, existing backers such as Flipkart co-founder Binny Bansal are expected to participate in the new round.

This will also likely be Curefoods final round of funding from the private market, as it looks to go public in 18 months (2026) and has started meeting bankers as part of the process.

Curefoods founder Ankit Nagori did not share comments for this story.

Curefoods consumption bet

The Accel-backed startup, founded by Flipkart alum and CureFit co-founder Nagori, operates brands such as Eatfit, Sharief Bhai Biryani, Olio, Great Indian Khichdi, Rolls on Wheels, Nomad Pizza, CakeZone, Millet Express, Chaat Street and Juno’s Pizza.

Of the 10 brands, four (Olio, Eatfit, Cakezone and Sharief Bhai Biryani) have already crossed Rs 100 crore revenue run rate. Nomad Pizza, Curefoods most premium brand, so far, is also close to hitting the Rs 100-crore revenue milestone.

Revenue run rate is an indicator of financial performance that takes a company’s current revenue in a certain period (a week, month, quarter) and converts it to an annual figure by multiplying the number into 12 to get the full-year equivalent.

“Having five brands at Rs 100 crore annual recurring revenue (ARR) makes us a true house of brands! In the medium term, we will have two brands at Rs 300 crore ARR, three brands at Rs 200 crore ARR. Super excited with the large opportunity we have on our hands,” Nagori said in a post in July.

Overseas bet

Curefoods will use the fresh funds to expand its offline presence, move into newer markets and acquire food brands.

This comes at a time when investor interest in food startups is high, as a younger, upwardly mobile population spends more on ordering food and grocery online.

Moneycontrol recently reported that Rebel Foods, the cloud kitchen startup that runs brands such as Faasos, Oven Story and Behrouz Biryani, is in talks to raise $120 million (around Rs 1,000 crore) in a fresh round led by Singapore’s Temasek.

House of Biryani raised $2 million from a Middle Eastern family office, Angel Star Ventures and others.

In December, Biryani By Kilo raised Rs 72 crore in its Series C round led by Alpha Wave Ventures.

Curefoods already has brands that sell products across cuisines and is preparing to diversify further by launching Mexican food in the coming months.

E-commerce to cloud kitchens

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.

It has, so far, raised around $200 million, according to Tracxn, a private markets data provider.

As reported by Moneycontrol, Bansal's fund Three State Ventures had pumped in an additional Rs 200 crore in Curefoods, taking the total funds invested to Rs 500 crore at a post-money valuation of around Rs 3,000 crore (around $375 million) in its previous round of funding.