Curefoods, multi brand cloud kitchen chain in India, has raised Rs3bn ($36.6m) in a combined equity and debt funding round to expedite its growth, The Times of India reported.
The fundraise was led by Three State Ventures, fund of Flipkart co-founder Binny Bansal.
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IronPillar, Chiratae Ventures, ASK Finance and Winter Capital, were the other investors who participated in the funding round.
The infusion will be used to further expand the firm’s footprint as well as diversify its brands into offline formats.
Currently, Curefoods operates 200 locations that are located in 15 cities, which are serviced by more than seven food factories, and 150 multi-brand cloud kitchens, according to the news publication.
Its gourmet pizza brand Nomad Pizza and biryani brand Sharief Bhai are said to be the fastest-growing brands, the publication added.
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By GlobalDataCurefoods founder Ankit Nagori was quoted by various news publications as saying: “This funding will allow us to reach new customers and markets while also targeting our offline model expansion.
“We are excited about the future of consumer brands and look forward to innovating and establishing leading brands in this space for the Indian market, while delivering authentic and nutritious food to cater to the Indian taste palette.”
Last February, Curefoods acquired franchise rights of US-based pizza chain Sbarro in South India.
The cloud-kitchen company unveiled plans to open 50 Sbarro brand outlets, with plans to initially open in the Indian state of Karnataka.
