Curefoods’ pizza brand Olio hits Rs 100-crore revenue run rate

Ankit Nagori is the founder of Curefoods, which operates EatFit and several other brands.

Olio, the Neapolitan new-age pizza brand owned by Curefoods, crossed the Rs 100-crore revenue run rate mark in the June quarter, the company’s founder Ankit Nagori said on July 10.

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.

For Binny Bansal-backed Curefoods, which operates a house of brands, Olio is the fourth brand to achieve the Rs 100-crore revenue run rate. Previously Eatfit, Cakezone and Sharief Bhai Biryani had hit this milestone, Nagori said in a post on the X platform, formerly Twitter.

The Bengaluru-based company operates 10 brands: 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 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.

Once that happens, “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 his post.

This comes at a time when investor interest in food startups is high. House of Biryani raised $2 million from a Middle Eastern family office, Angel Star Ventures and others.

In December 2023, 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, Nagori said.

Founded in 2016 by Nagori, a former Flipkart executive, the Bengaluru-based startup competes with firms like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8), which are at the forefront of this 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. It has raised money from Accel, Flipkart co-founder Bansal and several others.

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).