Curefoods - How is the Cloud Kitchen Startup Enabling Growth of Food Brands in India?

When the online food delivery market is seeing a rise in the country, there is another related sector that is rapidly peeking its way into the market. Cloud Kitchen, as a name, sounds familiar and strange at the same time, is a new concept in our country that was introduced somewhere around 2010. The popularity and demand for Cloud Kitchens have started soaring up after the COVID pandemic.

Curefoods is one such Cloud Kitchen startup that was established to provide healthy and loving food to customers through its multiple brands. Utilizing the prevailing public admiration and anticipated future demand for Cloud Kitchens, Curefoods is marching on the path of growth and expansion.

Here is the story behind the Curefoods Founders, Startup Story, Mission and Vision, Business Model, Revenue Model, Funding and Investors, Competitors, and more.

Curefoods - Company Highlights

Curefoods - About
Curefoods - Industry
Curefoods - Founders and Team
Curefoods - Shareholding
Curefoods - Mission and Vision
Curefoods - Name and Logo
Curefoods - Business Model
Curefoods - Revenue Model
Curefoods - Funding and Investors
Curefoods - Growth
Curefoods - Partnership
Curefoods - Collaborations
Curefoods - Mergers and Acquisitions
Curefoods - Competitors
Curefoods - Future Plans

Curefoods - About

Curefoods is an Indian Cloud Kitchen brand that was established in 2020. This startup was founded by Ankit Nagori and is headquartered in Bangalore. It aims at feeding people the food they love that remains nutritious and healthy at the same time. Curefoods has incorporated technology and modern solutions on all its fronts, like cooking, packaging, waste management, etc., to ensure its long-term sustainability in the market.

The company operates through various brands under its control and is continuously expanding its business through acquisitions, mergers and funding. After its merger with Maverix in January 2022, Curefoods became the second-largest Cloud Kitchen brand in India.

Curefoods - Industry

The Indian food and beverage market is expected to develop significantly in the coming years, according to Maximize Market Research's report, which also shows that the market is expected to expand significantly in size. The market is expected to grow at a strong Compound Annual Growth Rate (CAGR) of 11.05% from 2023 to 2029, when it is expected to reach nearly US $622.67 billion by 2029. The enormous potential and profitable prospects in the Indian food and beverage industry are highlighted by this forecast.

The anticipated expansion highlights the nation's shifting food patterns, rising levels of disposable income, and changing consumer tastes. With such bright futures, companies in this sector are well-positioned to benefit from India's expanding need for a wide range of food and drink items.

Curefoods - Founders and Team

Ankit Nagori is the Founder of Curefoods.

Ankit Nagori

Ankit Nagori is the Founder of the Cloud Kitchen startup Curefoods. He was born in Bihar in October 1985 and holds a Bachelor’s degree from IIT Guwahati. Ankit founded another two startups namely, Youthpad.com and Simply Sport Foundation in 2007 and 2020 respectively. He is also a co-founder of Curefit. Earlier, between 2010 and 2016, he served as the Chief Business Officer of Flipkart.

Curefoods - Shareholding

The shareholding structure of Curefoods is as follows:

Curefoods - Mission and Vision

Curefoods runs with a mission: “to make honest food that customers love." It wanted to provide quality and healthy foods that people love sustainably.

The company’s vision is to “build the ecosystem and grow with the suppliers.” For a sustainable operation, Curefoods believes in being eco-friendly and hence is working towards waste management and eco-friendly packaging techniques.

Curefoods - Name and Logo

The logo of Curefoods comes in a Deep Sapphire tint, where the name 'Curefoods' in all caps would be present in the middle.

Curefoods - Business Model

Curefoods follows the Thrasio-style model of business. Thrasio refers to the name of a company in the United States. This company acquires or collaborates with small and successful sellers on e-commerce platforms like Amazon and invests more in those companies to make them huge and well established under a single brand name.

Curefoods follows a similar pattern and has acquired a lot of small food startups across the country. The main idea behind this is to provide people with multiple options to choose their food based on their choices. Curefoods receives orders, cooks them, and delivers them to your doorstep.

Curefoods - Revenue Model

CureFoods generates revenue through two primary streams: the sale of products and advertising/promotional services.

Sales of Goods: CureFoods generates income through the sale of a wide variety of food and drink goods. These goods could be prepared meals, snacks, drinks, and ingredients for cooking.

Consumers can buy these products straight from CureFoods' website or through partnerships with retail stores. CureFoods is able to realize the full value of its products through the selling of these items at a profit over their cost of production.

Advertising and Promotional Services: CureFoods uses its platform to provide food and beverage brands with advertising and promotional services in addition to product sales.

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Curefoods - Funding and Investors

Curefoods managed to raise a sum of $243.9 million from various investors through the 12 funding rounds it has witnessed to date.

The following contains the Curefoods funding in detail:

Curefoods - Growth

Curefoods growth highlights are:

• Curefoods operates in 340 locations in the country as of September 2023
• The company operates in three formats: Cloud kitchens, QSRs, and restaurants
• It serves 30,000 to 35,000 orders daily among the three cloud kitchen brands as of September 2023
• The QSR brand of Curefoods operates in 100 locations in 10 cities as of September 2023
• The QSR brand serves 5,000 orders online and 6,000–7,000 orders offline on a daily basis as of September 2023

Financials

Curefoods - Partnership

Curefoods: some of the prominent partnerships are:

Skye Air Mobility

Delivery system for drones, Skye Air Mobility and Curefoods has partnered on From July 25, 2023 to use drones to transport frozen food in temperature-controlled packaging to cloud kitchens.

ICC

ICC and EatFit owned by CureFoods has partnershiped on July, 22, 2023, a nutritious meal app operated by CureFoods, to serve as the official online food partner for the forthcoming ICC Men's T20 World Cup. The company stated that it hopes to spread awareness of the benefits of eating a healthy diet to a wider worldwide audience and to keep up its efforts to support people around the globe in adopting better, cleaner, and healthier lifestyles.

Curefoods - Collaborations

Curefoods has seen two major collaborations, one with Varun Dhawan and another with Nora Fatehi, as of July 26, 2022.

Bollywood actress Nora Fatehi invested an undisclosed amount in Curefoods and became the brand ambassador of CakeZone, a Curefoods brand, as reported on July 26, 2022. With this brand endorsement, Fatehi is looking forward to spreading CakeZone to more Indian cities.

Varun Dhawan earlier collaborated with Curefoods and infused some funds into it, which resulted in him becoming the brand ambassador for a Curefoods spin-off company, Eatfit.

Curefoods - Mergers and Acquisitions

Curefoods has acquired 6 companies to date.

Here are the details:

Curefoods - Investment

CureFoods has made strategic investments in two companies. During its Seed Round, CureFoods invested Rs 10 crore in Hogr on December 18, 2023. CureFoods first took part in a Corporate Round investment in Millet Express on May 1, 2023.

With these investments, CureFoods is demonstrating its dedication to advancing innovation and growth in the food and beverage sector, as well as broadening its market presence.

Curefoods - Competitors

Curefoods has the following major competitors in the market:

Rebel Foods

Rebel Foods is considered to be the largest Cloud Kitchen brand in the world that does business in over 10 countries. Rebel Foods owns an online food delivery company, Faasos. This company excels in every aspect of its operation, like technology, branding, expansion, marketing strategies, etc. Rebel Foods has partnered with various international brands to firmly establish its business operations around the world.

Biryani by Kilo

Biryani By Kilo (BBK) is a biryani retail chain that is based in Gurgaon, Haryana. This startup is well-known for its aromatic biryani served in pots along with kebabs, korma, and the traditional phirni. BBK has expansion plans in and outside India.

SLAY Coffee

SLAY Coffee is a coffee chain that is the second-largest coffee brand in the country. This startup delivers its coffee through platforms like Swiggy and Zomato and is extremely well-rated among its customers.

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Curefoods - Future Plans

CureFoods is ready to launch an aggressive expansion strategy with recent funding. CureFoods is planning to expand its reach in the food business, with an emphasis on strengthening its offline presence—especially through well-known brands like Nomad Pizza and Sharief Bhai Biryani—through marketing. The cash will be used to support projects that will increase operations, improve customer experiences, and increase accessibility to the company's well-liked products.

CureFoods hopes to establish itself as a major force in the food industry and penetrate new markets by using this investment to grow its offline operations. It also hopes to increase brand loyalty. By means of calculated growth initiatives, CureFoods is ready to satisfy clients, propel expansion, and solidify its standing as a leader in the food sector.

FAQs

When was Curefoods founded?

Curefoods was founded in 2020.

Who is the founder of Curefoods?

Ankit Nagori is the founder of Curefoods.

What is the valuation of Curefoods?

Curefoods valuation is Rs 3,000 crore as of March 18, 2024.

How much funding has Curefoods raised?

Curefoods has raised a total funding of $243.9 million from various investors.

Who are the Competitors of Curefoods?

Top Competitors of Curefoods are:

• Rebel Foods
• Biryani By Kilo
• SLAY Coffee

How is Binny Bansal connected with Curefoods?

Binny Bansal is known as the Flipkart founder and a billionaire Indian investor and entrepreneur, who left the company in November 2018. Binny Bansal stands as an investor in Curefoods.