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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 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
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 at Curefit. Earlier, between 2010 and 2016, he served as the Chief Business Officer of Flipkart.
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 - Name, Tagline, and 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.
Curefoods tagline proclaims “We are building tomorrow’s food brand today”. 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 choice. 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 a revenue of around Rs 2 crores for FY 2021.
Curefoods - Collaborations and Partnerships
- 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.
- Curefoods has also partnered with Hrithik Roshan's brand HRX in July 2022.
Curefoods - Funding and Investors
Curefoods managed to raise a sum of $183.3 million from various investors through the 8 funding rounds it has witnessed to date.
Nora Fatehi has last invested an undisclosed amount in Curefoods after the company witnessed the Series C funding round where it received funds close to $50 mn from Chiratae Ventures, Accel, Alteria and more, on June 1, 2022. The company has also previously seen Bollywood actor Varun Dhawan investing in it.
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.
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.
How much funding has Curefoods raised?
Curefoods has raised a total funding of $183.3 million from various investors, as of July 26, 2022.
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.
