Cure Foods- The Journey of Cloud Kitchen Delight Amidst the remarkable surge in digitalization and the online food market, a rapidly evolving sector has taken shape within the industry. Originating in 2010, this concept experienced its zenith during the pandemic-induced lockdowns when the coronavirus confined individuals to their homes. Dubbed Cloud Kitchen, the name initially seemed unfamiliar and somewhat unconventional to the mainstream audience. However, in the wake of the pandemic, awareness of this concept surged significantly.
One of the most prominent startups leading the charge in this domain is “Cloud Kitchen,” spearheaded by Ankit Nagori. The core ethos of this startup is to provide nourishing and delectable food options to customers through a portfolio of distinct brands. With a focus on health and taste, Cloud Kitchen seeks to cater to the diverse preferences of its clientele.
Founded by Ankit Nagori, a co-founder of Cultfit and a former executive at Flipkart, CureFoods operates as a cloud-kitchen platform, managing multiple brands such as Eatfit, Yumlane, Aligarh House Biryani, Masalabox, Cakezone, and others. As of June 2022, the company has established over 100 kitchens spanning across 12 cities in India.
With a total fundraising amount of approximately $128 million to date, CureFoods attained a valuation of around $390-395 million in June 2022, after securing $46 million in its Series C financing round. Just two months later, the company launched Season 2 of the Curefoods Accelerator Program, aimed at providing support to emerging brands within the region. The Jugul Thachery, founder and chief executive, Hogr said the funds will be utilized to develop and support brand and marketing efforts.
Additionally, CureFoods made strategic moves to diversify its portfolio, including acquiring a minority stake in the milkshake brand Frozen Bottle and expanding its range of snack offerings.
CureFoods has likely forged partnerships with several prominent brands throughout India, encompassing a diverse range of culinary offerings. These collaborations include Juno’s Pizza, a renowned pizza brand hailing from Mumbai, Cupcake Noggins based in Bengaluru, specializing in cupcakes, Iceberg, an organic ice cream brand also headquartered in Bengaluru, Nomad Pizzas, a pizza delivery startup operating out of Delhi, and a multi-brand cloud kitchen company based in Jaipur.
These strategic alliances underscore CureFoods’ commitment to expanding its portfolio and catering to a broad spectrum of consumer preferences. By joining forces with established players in various culinary niches, CureFoods aims to leverage its expertise and brand recognition to enhance its overall offerings and solidify its position within the competitive food delivery landscape in India.
The potential in cloud kitchens is evident from the significant growth of CureFoods, which has achieved a revenue milestone of approximately $12 million within 18 months of commencing operations.
In the fiscal year ending March 2022, CureFoods reported a revenue of approximately $12.2 million. It’s noteworthy that the preceding fiscal year marked CureFoods’ first full year of operation, as it was operational for only six months from October 10, 2020, to March 31, 2021.
CureFoods specializes in the sale of food and beverages under various brands including Eatfit, Yumlane, Aligarh House Biryani, Masalabox, and Cakezone. Food sales have emerged as the primary revenue stream, amounting to approximately $12 million in FY2022. Additionally, the company generated approximately $95,000 in income from franchise and royalty operations during the same period.
