Binny Bansal invests ₹200 crore more in startup Curefoods of ex-Flipkart executive: What we know

Binny Bansal invests ₹200 crore more in startup Curefoods of ex-Flipkart executive: What we knowFlipkart co-founder Binny Bansal’s fund Three State Ventures pumped an additional ₹200 crores in Accel-backed cloud kitchen startup Curefoods.

With this, the total funds invested by the fund has moved to ₹500 crores at a post-money valuation of around ₹3,000 crores, Moneycontrol reported citing people in the know. The funding will be utilised by Curefoods to expand its offline business including some of its popular brands like Nomad Pizza and Sharief Bhai Biryani.

What happened before?

Binny Bansal’s additional funding is part of the firm’s ongoing round that started in April of 2023 where it raised ₹300 crore. Then Curefoods said that the funding consisted of primary and secondary equity and debt, with Three State Ventures leading the round with a cheque of ₹240 crore.

What you need to know about Curefoods?

Curefoods was founded in 2016 by Ankit Nagori, a former Flipkart executive. The Bengaluru-based startup competes with companies like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8) and acquires food brands to help them scale with technology and digital marketing. The company closed its Series C round of $50 million from a mix of new and existing investors led by Winter Capital.

What we know about Curefoods’ financials?

In early 2022, the startup was valued at around $250 million and has been making inorganic expansion through acquisitions. In 2023, the firm acquired food discovery platform Hogr and in October, Curefoods closed acquisition of foodtech company Yumlane and its proprietary technology. Curefoods reported a 400% jump in its operating revenue to ₹382 crore for FY23 while the firm’s losses came at ₹342 crore in FY23, as per filings.

Read more news like this on HindustanTimes.com