Curefoods Secures Rs 56.4 Crore in Debt for Expansion

Cloud kitchen startup Curefoods is on the path to secure Rs 56.4 crore (approximately $6.6 million) in debt financing. This funding round is spearheaded by BlackSoil Group, with involvement from existing investor Binny Bansal. This marks the first instance of debt funding for the Bengaluru-based startup this year.

The board of directors at Curefoods has approved a special resolution to create 1,000 non-convertible debentures with an issuance price of Rs 5,00,000 each directed towards BlackSoil, which will raise Rs 50 crore. Additionally, 595 compulsory convertible debentures valued at Rs 6.4 crore will be issued to Binny Bansal, as indicated in a regulatory filing obtained from the Registrar of Companies (RoC).

The funds are earmarked for enhancing the company’s working capital needs and facilitating its expansion plans, according to formal filings.

About Curefoods and Its Brands

Curefoods functions as a cloud kitchen platform, operating well-known brands including EatFit, Sharief Bhai, Olio Pizza, Krispy Kreme, Nomad Pizza, among others. At present, it manages more than 100 kitchens across 200 locations in India.

Startup data intelligence platforms have reported that Curefoods has successfully raised $125 million over several funding rounds, backed by investors such as Binny Bansal-supported Three State Capital, Iron Pillar, and Chiratae Ventures. Furthermore, in February, Curefoods secured Rs 37 crore from Landmark Group through equity. This development was exclusively reported by Startup Superb.

Financial Performance of Curefoods

Curefoods has exhibited impressive financial results in FY24, showcasing an operating revenue increase of over 50%, reaching Rs 585 crore. Concurrently, the company has managed to decrease its losses by 50%, now standing at Rs 172.6 crore during the same timeframe.

Future Plans for Curefoods

Under the leadership of Ankit Nagori, the firm is reportedly gearing up for an initial public offering (IPO) estimated to be between $300 million and $400 million, anticipated to take place towards the end of FY26.