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

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

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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. Read further to know more about Curefood's founder, its funding, investors and future plans.

Curefoods - Company Highlights

Startup Name Curefoods
Headquarters Bengaluru, Karnataka, India
Industry Food and Beverage Services
Founder Ankit Nagori
Founded 2020
Website curefoods.in

Curefoods - About
Curefoods - Industry
Curefoods - Founder
Curefoods - Mission and Vision
Curefoods - Name, Tagline, and Logo
Curefoods - Business and Revenue Model
Curefoods - Collaborations
Curefoods - Shareholding
Curefoods - Funding and Investors
Curefoods - Growth and Revenue
Curefood - Products and Services
Curefoods - Mergers and Acquisitions
Curefoods - Partnership
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 Bengaluru. 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. Curefoods is estimated to be valued at a little less than $400 million after its Series C funding in June 2022. After its merger with Maverix in January 2022, Curefoods became the second-largest Cloud Kitchen brand in India.

Curefoods - Industry

The food and beverage industry includes the production of foods, their processing, preservation, and distribution to people. It is one of the largest industries in the world. The revenue from this sector in India amounted to $858 billion in 2022 as per Statista reports. India currently ranks third in terms of revenue led by China and the US. The food industry is expected to grow by 8.17% CAGR in the next five years.

The cloud kitchen industry, which is the niche of Curefoods, is expected to grow at 15.5%-17.5% CAGR between 2024-2028. The report added that the cloud kitchen market in India might achieve a market value of $2.5 billion by FY28.  

Curefoods - Founder

Ankit Nagori is the co-founder of Curefoods.

Ankit Nagori - Founder of Curefoods
Ankit Nagori - Founder of Curefoods

Ankit Nagori is the founder of the Cloud Kitchen startup Curefoods. He is also the CEO of the company. 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.

Ankit Nagori - Founder of Curefoods

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 its waste management and eco-friendly packaging techniques.

Curefoods Logo
Curefoods Logo

The founder of Curefoods Ankit Nagori is also a co-founder of the popular health and fitness startup Curefit. So, it has been widely said that Curefoods could have been named after Curefit. However, there is no official confirmation on this from the company.

Every step of this startup seems to be focused on its future. As per the tagline, Curefoods is bringing together many food startups under its brand to establish itself as a successful and the largest cloud kitchen brand in India.

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 and Revenue 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. It collects the respective amount for the food it prepares and delivers to its customers. The company reported revenue of around Rs 2 crore for FY 2021.

Curefoods - Collaborations

Curefoods has seen 2 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 in more Indian cities.

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


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Curefoods - Shareholding

Curefoods Shareholding
Curefoods Shareholding

Below are the curefoods shareholding details:

  • Founder 43.4%
  • Fund 49.1%
  • Angel 3.1%
  • Other People 0.1%
  • ESOP 4.0%
  • Enterprise 0.2%

Curefoods - Funding and Investors

Curefoods managed to raise a sum of $220 million from various investors through the 11 funding rounds it has witnessed to date.

The following contains the Curefoods funding in detail:

Date Stage Amount Investors
April 6, 2023 Venture Rounds Rs 300 crore Three State Capital
April 6, 2023 Debt Financing - Three State Capital
July 26, 2022 - - Nora Fatehi
June 1, 2022 Series C $50M Chiratae Ventures, Alteria Capital, Accel India, NB Ventures, Iron Pillar, Winter Capital
April 6, 2022 Venture Round - Varun Dhawan
January 12, 2022 Venture Round $49.3M Accel, Chiratae Ventures, Binny Bansal, Iron Pillar, Sixteenth Street Capital
January 12, 2022 Debt Financing $9.3M Trifecta Capital, Alteria Capital and BlackSoil
October 22, 2021 Debt Financing $10M Trifecta Capital and Alteria Capital
September 30, 2021 Venture Round $48.1M Trifecta Capital
August 24, 2021 Series A $12.2M Kunal Shah, Binny Bansal, Iron Pillar, Nordstar, Lydia Jett

Curefoods is backed by numerous marquee investors like Chiratae Ventures; Ex-Flipkart founder, Binny Bansal, Trifecta Capital, Accel, Alteria Capital, and more.  

Curefoods - Growth and Revenue

Established in 2020, Curefoods has grown distinctly and has shown much potential for future growth in every nameable aspect.

The company currently houses numerous brands that it scales with a Thrasio-style. Some of the prominent names of brands that Curefoods owns are CakeZone, Eatfit, Sharief Bhai, Aligarh House Biryani, and more. Curefoods operates 150+ cloud kitchens in India in over 15 cities in the country.

Curefoods Financials
Curefoods Financials
Curefoods Financials 10th October 2020 - 31st March 2021 FY22
Operating Revenue Rs 1.96 crore Rs 89.1 crore
Total Expenses Rs 3.53 crore Rs 165 crore
Profit/Loss Loss of Rs 1.57 crore Loss of Rs 71.25 crore
Cash from Operations Profit of Rs 0.51 crore Loss of Rs 65.30 crore

CureFoods Expenses Breakdown

CureFoods total expenses rise from Rs 3.53 crore on October 10, 2020 - 31st March 2021 to Rs  165 crore in FY22.

Below is the expense breakdown:

CureFoods Expenses Breakdown 10th Oct 2020 - 31st March 2021 FY22
Cost of materials consumed Rs 0.87 crore Rs 38.20 crore
Advertising and promotional expenses Rs 0.46 crore Rs 26.44 crore
Legal and professional fees Rs 0.24 crore Rs 13.65 crore
Commission expenses - Rs 16.85 crore
Employee benefit expenses Rs 0.11 crore Rs 26.90 crore
Other expenses Rs 1.85 crore Rs 42.96 crore

EBITDA


CureFoods saw a slight improvement in FY22 with a reduced EBITDA margin of -56.31% in FY21 and an improved ROCE of -10.18% in FY22. However, expenses increased slightly to Rs 1.85 per unit of operational revenue in FY22. While the company is making progress in its financial performance, profitability remains a challenge

CureFoods FY21-FY22 10th Oct 2020 - 31st March 2021 FY22
EBITDA Margin -58.67% -56.31%
Expenses/Rs of Op Revenue Rs 1.80 Rs 1.85
ROCE -32.85% -10.18%

Curefood - Products and Services

Accelerator Program Season 2

The second season of the Curefoods Accelerator Program was introduced by cloud kitchen operator on July 11, 2022. Curefoods for entrepreneurs who are delving deeply into the current food systems and seeking to solve food-related problems in the future.

Curefoods - Mergers and Acquisitions

As said earlier, Curefoods is in its full-swing expansion phase and will never miss an opportunity to get hold of a food brand. It is planning to bring 35 companies under its wing by the end of 2022. Curefoods operates and holds exclusive selling rights for several food brands in addition to its acquisitions. The following table constitutes all the brands operated and held by Curefoods:

Brand Name Nature of Business Location
Eatfit Anchor Brand Karnataka
Aligarh House Biryani and Kebabs Karnataka
CakeZone Cakes and Desserts Karnataka
MasalaBox Home Cooked Food Kerala
Paratha Box Parathas Glasgow
Ammi’s Biryani Biryani Karnataka
Olio Pizza Telangana
Crusto Pizza Telangana
Chaat Street Snacks and Chaats Karnataka
Sbarro Pizza Ohio
YumLane Pizza Mumbai
Sharief Bhai Muslim Cuisines Karnataka
Juno’s Pizza Pizza Mumbai
Cupcake Noggins Cakes and Desserts Karnataka
Iceberg Icecreams Karnataka
Nomad Pizza Pizza Delhi
White Kitchens Restaurant and Cooking Facility Rajasthan

Curefoods - Partnership

Curefoods prominent partnerships are:

Skye Air Mobility

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

ICC

ICC and EatFit owned by CreFoods has partnershiped on July, 22, 2023, a nutritious meal app operated by CureFoods, will 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 - Investment

Curefoods has invested in one company to date:

Company Name Date Funding Round Amount
Millet Express May 1, 2023 Corporate Amount -

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 root its business operation around the world.

Biryani By Kilo

Biryani By Kilo (BBK) is a biryani retail chain that is based in Gurugram, Haryana. This startup is well-known for its aromatic biryani served in pots along with kebabs, korma, and the traditional phirni. BBK is on its 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 announced its plan for expansion in more than 20 cities by 2022. This D2C startup is aiming to increase its branches as well as the number of brands under its portfolio. After acquiring the exclusive rights of the US-based pizza chain Sbarro, Curefoods is all set to focus on the South Indian Market. The company is devising plans for a rapid expansion in the five states of Tamil Nadu, Kerala, Andhra Pradesh, Karnataka, and Telangana in the next three years.

Curefoods is rapidly acquiring brands to scale, and has announced that it would take its total tally of brands to 35 brands by the end of 2022. Curefoods has further mentioned that it is looking forward to expanding the total CakeZone stores to 125 stores by the end of 2022, and this might be real with Nora Fatehi joining Curefoods as the CakeZone brand ambassador.  

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 expected to be $300-$400 million as of 2022.

How much funding has Curefoods raised?

Curefoods has raised a total funding of $220 million from various investors.

Who are the Competitors of Curefoods?

Top Competitors of Curefoods are:

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.

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