Curefoods Revenue, Valuation, Funding & Investors
Curefoods is valued at $453M as of September 2025, a 5.7x multiple on its last reported $80M revenue.
Last Curefoods valuation
$453M
Undisclosed stage · Sep 2025
Last Curefoods funding round
$18M
Undisclosed stage · Sep 2025
Curefoods revenue
$80M
Undisclosed stage · Sep 2025
Key investors in Curefoods
Iron Pillar
Chiratae Ventures
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Three State capital- Binny Bansal
Accel
Winter Capital
About Curefoods
Curefoods is a Bangalore-based multi-brand cloud kitchen operator with over 300 kitchens in 15 Indian cities. Founded in 2018, it manages brands like Eatfit for healthy meals, Faasos for wraps, and Biryani By Kilo, delivering 1 million orders monthly. Curefoods acquires regional chains like Kebab Turka, focusing on ghost kitchens for efficient food delivery scalability.
Founded
2016
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$80M (Sep 2025)
Valuation
$453M (Sep 2025)
Sectors
Curefoods Valuation
Curefoods is currently valued at $453M, based on its undisclosed-stage round in September 2025.
The $18M round was led by 3STATE Ventures.
Curefoods' valuation has grown 1.6x from $280M at its undisclosed-stage round in January 2022 to $453M in September 2025, across 6 priced rounds.
Curefoods valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2025 | Undisclosed stage | $453M | 5.7x |
| Dec 2024 | Series D | $375M | 4.7x |
| Mar 2024 | Series D | $321M | 7.8x |
| Apr 2023 | Series D | $321M | 5.4x |
| Jun 2022 | Series C | $393M | - |
| Jan 2022 | Undisclosed stage | $280M | - |
Curefoods Revenue
Curefoods' latest recorded revenue is $80M, as of its undisclosed-stage round in September 2025. At a $453M valuation, that implies a 5.7x revenue multiple.
Revenue grew from $59M in April 2023 to $80M in September 2025, while the revenue multiple moved from 5.4x to 5.7x.
Curefoods revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $80M | $453M | 5.7x | Undisclosed stage |
| Dec 2024 | $80M | $375M | 4.7x | Series D |
| Mar 2024 | $41M | $321M | 7.8x | Series D |
| Apr 2023 | $59M | $321M | 5.4x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Curefoods Funding History
Curefoods has raised a total of $282M across 8 funding rounds.
Curefoods' first fundraising round was a $13M Series A in August 2021. The most recent completed round was a $18M undisclosed-stage round in September 2025.
Curefoods funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Undisclosed stage | 3STATE Ventures (lead) | $18M | $453M | Curefoods India is a multi-brand cloud kitchen operator founded by Ankit Nagori (former Flipkart executive) that operates a portfolio of food service brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, Sharief Bhai, and a tie-up with Krispy Kreme in India. As of March 31, 2025, the company ranked among the top two cloud kitchen operators in India by service locations, with 502 service locations across 70+ cities and towns, comprising five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses. The company integrates with major food delivery platforms including Swiggy and Eternal (formerly Zomato), along with its proprietary ordering website. Curefoods achieved significant revenue growth, reaching ₹745.8 crore ($89.5 million) in revenue from operations for the fiscal year ended March 31, 2025, compared to ₹585.1 crore in the prior year, representing approximately 27.4% year-over-year growth. The company surpassed ₹7,500 million (₹750 crore) in annual revenues within five years of operation, making it the first Indian food services company (excluding marketplaces) to achieve this milestone. From FY2023 to FY2025, the company achieved a 39.7% compound annual growth rate in revenue. In September 2025, Curefoods raised ₹160 crore through a pre-IPO placement led by 3State Ventures (the investment arm of Flipkart co-founder Binny Bansal), with 1.28 crore equity shares allotted at ₹124 per share. The Board approved the placement on September 10, 2025, and shareholders on September 15, 2025. This investment brought the total amount invested by 3State Ventures in Curefoods to ₹500 crore, with a reported post-money valuation of approximately ₹3,000 crore ($375 million). The pre-IPO placement was structured to be integrated into the sizing of the fresh issue as per SEBI regulations. Curefoods filed its Draft Red Herring Prospectus (DRHP) in June 2025 for a planned IPO comprising a fresh issue of up to ₹800 crore and an offer-for-sale of 4.08 crore equity shares by existing shareholders. Founder Ankit Nagori remained the largest shareholder with over 17% ownership prior to the pre-IPO round. The IPO proceeds will be deployed toward expansion of cloud kitchens, kiosks, and restaurants, prepayment or repayment of borrowings, investment in subsidiary Fan Hospitality, and working capital requirements. JM Financial, IIFL Capital Services, and Nuvama Wealth Management are serving as book-running lead managers. |
| Dec 2024 | Series D | Landmark Group; Shinhan Financial Group; Binny Bansal; Iron Pillar; Three State capital; Chiratae Ventures; Shinhan Venture Investment | $40M | $375M | Curefoods, a multi-brand digital food services company operating cloud kitchens under 10 key brands across 502 locations in over 70 cities in India, raised $40 million (₹330 crore) in its Series D funding round on December 18, 2024, from investors including Binny Bansal, Chiratae Ventures, Iron Pillar, Landmark Group, Shinhan Financial Group, Shinhan Venture Investment, and Three State Capital, comprising primary and secondary investments. This follows prior funding like $25 million from Binny Bansal in March 2024 and ₹300 crore led by Three State Ventures in April 2023, bringing total capital raised to around $200 million. The Series D was completed at a post-money valuation of $375 million (~₹3,200 crore), with pre-IPO estimates around $445 million (~₹3,820 crore). Financially, Curefoods reported strong revenue growth with FY25 revenue from operations at ₹745.80 crore (total revenue ₹775.49 crore), up 27.46% from FY24's ₹585.12 crore and reflecting a 39.53% CAGR from FY23 (₹382.04 crore), though it posted net losses of ₹169.97 crore in FY25, improved from ₹342.73 crore in FY23. The company remains loss-making with cumulative losses around ₹756 crore but has halved FY24 losses to ₹173 crore while scaling brands like Sharief Bhai (₹148 crore in FY25) and acquiring Krispy Kreme rights from Landmark Group. Curefoods is positioning for an IPO targeting ₹520-800 crore raise for expansion and debt reduction, with analysts suggesting a potential $500 million valuation implying a 5.6x revenue multiple versus peers like Jubilant Foodworks. It eyes ₹1,000 crore ARR in the current FY (stated June 2023) and profitability soon, expanding to 1,000 kitchens and 75,000 daily orders, though challenged by 82% aggregator dependence, high attrition, and negative cash flows. Future plans include scaling to ₹3,000 crore revenue via ₹200-300 crore brands. |
| Mar 2024 | Series D | Three State capital (lead); RB Investments Pte. Ltd. | $24M | $321M | Curefoods, a Bengaluru-based cloud kitchen operator founded in 2016 by ex-Flipkart executive Ankit Nagori, runs multiple food brands like EatFit, CakeZone, Nomad Pizza, Frozen Bottle, and Sharief Bhai, competing with Rebel Foods, Biryani by Kilo, and EatClub. The company was spun out from Curefit in 2020 with Nagori holding a majority stake. It operates over 500 cloud kitchens across 40 cities in India and has expanded into offline restaurants and subsidiaries like Fan Hospitality. In an ongoing funding round started in April 2023, Curefoods raised initial Rs 300 Cr ($37M) led by Three State Ventures (Rs 240 Cr cheque) with IronPillar and others, comprising primary, secondary equity, and debt. Three State Ventures, Binny Bansal's fund and the largest backer with over 17% stake pre-later deals, added Rs 200 Cr more around March 2024, bringing the total round to Rs 500 Cr at a post-money valuation of Rs 3,000 Cr (~$375M). This matches the query's investors (RB Investments not mentioned, possibly related) and approximate date of March 18, 2024, with prior Series C at $50M valuing at $250M in early 2022. Financially, Curefoods reported operating revenue of Rs 382 Cr in FY23, a 400% jump, with losses at Rs 342 Cr. Later filings showed FY24 revenue at Rs 635 Cr (up from Rs 411.5 Cr) and narrowed losses to Rs 173 Cr approx. Funds are used for offline expansion, brand scaling via tech and marketing, UAE launch, kitchen/restaurant growth, debt repayment, and working capital. Post this round, Curefoods raised Rs 160 Cr pre-IPO in Sept 2024 at Rs 124/share valuing at Rs 4,000 Cr ($450M), filed DRHP for Rs 800 Cr IPO with OFS, and $40M Series D in Dec 2024 at Rs 3,800 Cr valuation with Shinhan and Landmark joining. It converted to public company, invested in Dras Ice, and plans Diwali 2025 listing without major exits. |
| Apr 2023 | Series D | Three State capital (lead); Winter Capital; Ask Group; Iron Pillar; Chiratae Ventures | $37M | $321M | Curefoods is a Bengaluru-based cloud kitchen operator founded by Ankit Nagori, previously of Curefit and Flipkart, focusing on nutritious food brands using technology for cooking, packaging, and waste management. It competes with Biriyani by Kilo, EatClub, and Rebel Foods, and became India's second-largest cloud kitchen brand after merging with Maverix in January 2022. The company has raised approximately $183 million across multiple rounds from investors including Chiratae Ventures, Iron Pillar, Accel, Alteria, and celebrities like Varun Dhawan and Nora Fatehi. In June 2022, Curefoods completed a Series C round raising close to $50 million, followed by a Series D in 2023 where Three State Ventures (led by Binny Bansal) invested ₹240 crore via primary and secondary equity and debt, with total funding in that period reaching ₹300 crore including participation from Ask Group, Chiratae Ventures, Iron Pillar, and Winter Capital. This valued the company at around $375-400 million (Rs 3,000-4,000 crore post-money). By December 2021, Curefoods achieved 1.1 million orders per month, generating annual recurring revenue of Rs 550 crore. Three State Ventures emerged as the largest backer with over 17% stake prior to a later pre-IPO placement in 2026, where it invested another Rs 160 crore ($18 million) at Rs 124 per share, valuing Curefoods at Rs 4,000 crore (~$450 million). Curefoods filed its DRHP in June 2026 for an IPO with Rs 800 crore fresh issue and Rs 1,632 crore OFS of 4.08 crore shares. Founder Ankit Nagori holds the largest stake, with Curefit retaining about 3%. |
| Jun 2022 | Series C | Winter Capital (lead); Sixteenth Street Capital; Sahil Gilani; NB Ventures; Rukam Capital; Alteria Capital; Iron Pillar; Three State capital; Accel; Potential Ventures; Chiratae Ventures | $50M | $393M | Curefoods, a Bengaluru-based cloud kitchen company founded by Ankit Nagori, raised $50 million in its Series C funding round in 2022 from a mix of new and existing investors including Winter Capital as lead, Accel, Alteria Capital, Chiratae Ventures, Iron Pillar, NB Ventures, Potential Ventures, Rukam Capital, Sahil Gilani, Sixteenth Street Capital, Three State Capital, and others. The funds were intended for expanding existing brands into new geographies and acquiring newer brands, with Ambit acting as the exclusive financial advisor. Prior to this, Curefoods had raised over $80 million in equity and venture debt across Series A and B in 2021 and 2022. The company operates popular food brands like EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, with a tie-up for Krispy Kreme in India. In September 2025, ahead of its IPO, Curefoods raised Rs 160 crore ($18 million) in a pre-IPO placement from Binny Bansal's 3State Ventures at Rs 124 per share, implying a valuation around $450 million as per one report, though exact post-money not detailed. The IPO DRHP outlined use of proceeds for cloud kitchen expansion, debt repayment, investment in subsidiary Fan Hospitality, working capital, and corporate purposes, with book-running lead managers JM Financial, IIFL Capital Services, and Nuvama Wealth Management. |
| Jan 2022 | Undisclosed stage | Sixteenth Street Capital; Vaibhav Kapoor; Binny Bansal; Iron Pillar; Accel; Chiratae Ventures | $52M | $280M | Curefoods is a cloud kitchen and food brand aggregator operating in India with multiple brands including EatFit, CakeZone, and Olio Pizza. The company operates across 40+ cities and manages a cloud kitchen network with expansion targets reaching up to 1,000 kitchens. The company has demonstrated significant top-line growth, with revenues doubling from ₹382 crore in FY23 to ₹746 crore in FY25, driven by strong performance in dessert-led sales and pizza offerings. The company has pursued an aggressive growth and market expansion strategy while working toward profitability, with reported net losses narrowing significantly from ₹342.7 crore in FY23 to ₹170 crore in FY25 as operational efficiencies improved. Additional funding of ₹300 crore was raised from investors including Binny Bansal, reflecting continued investor confidence in the company's multi-brand strategy and market potential. |
| Sep 2021 | Undisclosed stage | Trifecta Capital (lead) | $48M | - | Curefoods is a Bengaluru-based cloud kitchen startup founded in 2020 by Ankit Nagori, former cofounder of Cure.fit, operating brands such as Eatfit, Yumlane, Aligarh House Biryani, and Masalabox. The company has secured multiple funding rounds, including equity investments led by Three State Ventures (Binny Bansal), Iron Pillar, and others, as well as $13 million from Iron Pillar, Nordstar, and Binny Bansal. It also acquired South India franchise rights for the US pizza chain Sbarro to expand its portfolio. Trifecta Capital, a venture debt provider, invested in Curefoods as part of its activities in Q4 FY2022, alongside other startups like Rupifi, Shadowfax, and Fashinza, through its third venture debt fund which deployed over Rs 425 crore across 11 startups. Curefoods is listed among Trifecta's portfolio companies receiving venture debt, with separate mentions of $36 million and $50 million raises. Trifecta closed investments in 19 companies that quarter, contributing to its total of Rs 3,100 crore across 101 startups including 21 unicorns. Curefoods' funding activity reflects the broader Indian foodtech and cloud kitchen sector, with Trifecta focusing on growth-stage companies via debt to support expansion without dilution. |
| Aug 2021 | Series A | Iron Pillar (lead); Adil Allana; Lydia Jett; Rashmi Kwatra; Binny Bansal; Brennan Loh; CreedCap Asia Advisors; Nordstar; Kunal Shah | $13M | - | Curefoods is a cloud kitchen operator founded in 2020 by Ankit Nagori as a spin-off from Cure.fit Healthcare. The company operates multiple food brands including Eatfit, Yumlane, Aligarh House Biryani, and Masalabox, focusing on acquiring and incubating digital food brands across geographies. In August 2021, Curefoods raised $13 million in its Series A round led by Iron Pillar, with participation from Nordstar, Binny Bansal, and leading angels including Adil Allana, Rashmi Kwatra, Lydia Jett, and Kunal Shah. Combined with its seed round, the company had raised $20 million by this point. The capital was allocated toward acquiring additional digital food brands, expanding its cloud kitchen footprint across multiple cities, and building backend technology to support its multi-brand, multi-city operations. Curefoods subsequently grew significantly, and by September 2025 had raised additional capital in a pre-IPO placement at a valuation of approximately $450 million, with plans for a public listing. |
Who has invested in Curefoods?
27 investors have backed Curefoods across its funding rounds, including Iron Pillar, Chiratae Ventures, Three State capital, Binny Bansal, Accel and Winter Capital.
Lead investors include 3STATE Ventures, Three State capital, Winter Capital, Trifecta Capital and Iron Pillar.
Curefoods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Mumbai | 5 | Lead | Aug 2021 | |
| Three State capital |  Singapore | 4 | Lead | Jun 2022 |
| Bangalore | 4 | Participant | Jan 2022 | |
| Binny Bansal | Bangalore | 3 | Participant | Aug 2021 |
| Singapore | 2 | Participant | Jan 2022 | |
 Limassol | 2 | Lead | Jun 2022 | |
 Palo Alto, CA | 2 | Participant | Jan 2022 | |
| Vaibhav Kapoor |  Dubai | 1 | Participant | Jan 2022 |
| Sahil Gilani | Mumbai | 1 | Participant | Jun 2022 |
| Mumbai | 1 | Participant | Apr 2023 | |
| Singapore | 1 | Participant | Mar 2024 | |
| Adil Allana | Mumbai | 1 | Participant | Aug 2021 |
| Dubai | 1 | Participant | Jun 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Curefoods
Curefoods has acquired 10 companies to date.
Last acquisition by Curefoods was on October 30th 2023. Curefoods acquired Yumlane for undisclosed valuation.
Latest Acquisitions by Curefoods
| Description | YumLane retails on-the-go hot snacks and meals through its New Delhi platform. Offerings feature items like Silly Chilly Momos, Masala Yumwich, Crazy Cheese Momos, and Paneer Tango Wrap. Customers order online and collect from partnered retail outlets across India. | Millet Express is a Hyderabad-based chain offering millet-based Indian cuisine through quick-service outlets and online delivery in Telangana. The company prepares dishes like millet dosas, upmas, khichdis, and snacks using foxtail, barnyard, and finger millets sourced from local farmers. Launched in 2020, Millet Express operates five outlets emphasizing nutrition with zero-maida recipes and gluten-free options, partnering with Swiggy and Zomato for nationwide shipping of ready-to-eat products. | Frozen Bottle is an Indian chain of milkshake outlets expanding across major cities like Mumbai, Delhi, and Bangalore. The brand serves over 50 flavors including thick shakes and gelato, operating more than 200 stores since its launch in 2019. | Fingerlix is an Indian ready-to-cook and ready-to-eat food brand. Introduced in 2016, it offers meal kits and prepared dishes using premium ingredients under strict hygiene standards. Operating via the Maverix platform, the company focuses on convenient, healthy options that encourage family meals and culinary exploration. | |
| HQ Country | | | | | |
| HQ City | Mumbai | Hyderabad | Bangalore | Mumbai | |
| Deal Date | 30 Oct 2023 | 11 Jul 2023 | 10 Mar 2022 | 27 Jan 2022 | |
| Valuation | undisclosed | undisclosed | $6M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Curefoods
Curefoods has invested in 1 company to date.
Latest investment by Curefoods was on December 18th 2023. Curefoods invested in Hogr in their $1M Seed round.
Latest Investments by Curefoods
| Description | Hogr is a restaurant discovery app that curates personalized recommendations based on user networks and food preferences. Available in the United States, it aggregates suggestions from contacts and influencers for new cuisines and venues. The platform features photo-based reviews, reservation integration, and trend alerts for dishes like fusion tacos and regional specialties. Hogr emphasizes social sharing and location-based discovery. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 18 Dec 2023 |
| Round | Seed |
| Raised | $1M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Curefoods investments and their VC round multiples. Start Free Trial | |
Curefoods Competitors
Curefoods competitors include listed companies like HelloFresh and Dingdong (Cayman), and private ones like Tarro, HungryPanda, Breadfast and Snackpass.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Germany | Publicly listed | $7.8B | $246M | $452M | 0.0x | |
| San Francisco, CA | Private | $11M | - | $450M | 40.9x | |
 China | Publicly listed | $3.6B | $34M | $485M | 0.1x | |
 London | Private | - | - | $500M | - | |
 Cairo | Private | $150M | - | $400M | - | |
| San Francisco, CA | Private | - | - | $400M | - |
Curefoods Public Comps
Curefoods is still privately-owned, but its public comps include HelloFresh, Dingdong (Cayman), Jahez, almeera, Demae-Can, RIDE ON EXPRESS Holdings, My Food Bag, WM Tech, Matvareexpressen and DSM Fresh Foods.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.8B | $246M | 0.0x | 0.0x | 1.5x | 0.8x | |||
| $3.6B | $34M | 0.1x | 0.1x | 7.3x | - | |||
| $620M | $34M | 1.1x | 0.9x | 20.6x | 14.7x | |||
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $255M | ($32M) | - | - | - | - | |||
| $153M | $9M | 0.2x | 0.2x | 4.0x | - | |||
| $93M | $9M | 0.5x | 0.5x | 5.3x | 5.1x | |||
| $175M | $19M | 0.5x | 0.5x | 4.2x | 2.9x | |||
This data is available for Pro users. Sign up to see all Curefoods competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Curefoods
| When was Curefoods founded? | Curefoods was founded in 2016. |
| Where is Curefoods headquartered? | Curefoods is headquartered in Bangalore, India. |
| Is Curefoods publicly listed? | No, Curefoods is a private, VC-backed company. |
| What is Curefoods' valuation? | Curefoods was last valued at $453M in its undisclosed-stage round in September 2025. |
| How much funding has Curefoods raised? | Curefoods has raised $282M across 8 funding rounds. |
| What was Curefoods' last funding round? | Curefoods' last funding round was a $18M undisclosed-stage round in September 2025, led by 3STATE Ventures. |
| Who are Curefoods' investors? | Curefoods' investors include Iron Pillar, Three State capital, Chiratae Ventures, Binny Bansal, Sixteenth Street Capital, Winter Capital, Accel, Vaibhav Kapoor, Sahil Gilani, Ask Group and 17 others. |
| What is Curefoods' revenue? | Curefoods' latest recorded revenue is $80M (September 2025). |
| What is Curefoods' revenue multiple? | Curefoods' latest valuation implies a 5.7x revenue multiple ($453M valuation on $80M of revenue). |
| Which companies are comparable to Curefoods? | Companies comparable to Curefoods include HelloFresh, Tarro, Dingdong (Cayman), HungryPanda, Breadfast and Snackpass. |
| How many companies has Curefoods acquired? | Curefoods has acquired 10 companies, including Yumlane, Millet Express, Frozen Bottle, Fingerlix and Nomad Pizza. |
| What was the largest acquisition by Curefoods? | The $6M acquisition of Frozen Bottle in March 2022 is the largest acquisition Curefoods has made to date. |
| How many companies has Curefoods invested in? | Curefoods has invested in 1 company, including Hogr. |
| What was Curefoods' last investment? | In December 2023, Curefoods invested in Hogr's $1M seed round. |
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