Curefoods - Comprehensive Analysis Report

Summary

Curefoods is an Indian cloud kitchen company established in 2020 by Ankit Nagori, headquartered in Bangalore. It operates as a significant provider of cloud kitchens and quick-service restaurants, aiming to democratize access to quality food sustainably across India. The company's mission is "to make honest food that customers love," focusing on serving tasty, high-quality, and healthy food, while its vision is "to build a strong food ecosystem and grow together with suppliers," emphasizing sustainability. Curefoods holds the position of the second-largest cloud kitchen firm in India by revenue, trailing only Rebel Foods. By May 2025, it had rapidly expanded to over 500 cloud kitchens and physical stores throughout India, signifying its substantial growth and market presence.

1. Strategic Focus & Objectives

Core Objectives

Curefoods' main business objectives include significantly expanding its geographic footprint and diversifying its brand portfolio across India. The company plans to incubate new brands annually and aggressively expand its existing portfolio. A key long-term goal is to operate 1,000 locations across the country over the next five years. Additionally, Curefoods aims for international expansion, with plans to open its first international store in the GCC by October 2024, targeting a robust multi-brand portfolio that can cater to diverse culinary preferences.

Specialization Areas

The company specializes in a multi-brand cloud kitchen network, which is increasingly complemented by a growing offline presence, including kiosks and dine-in restaurants. This hybrid model leverages both online and offline channels to achieve broad customer reach and enhance operational efficiency. Curefoods' unique value proposition lies in its ability to cater to a wide range of customer preferences across various cuisines and price points, offering everything from healthy meals to popular comfort foods. Its portfolio includes renowned brands like EatFit (healthy meals), CakeZone (desserts), Nomad Pizza (gourmet pizza), Sharief Bhai Biryani (biryani), and Olio Pizza.

Target Markets

Curefoods primarily targets market segments across India, operating in over 70 cities and towns. The company's strategic market positioning aims to make quality food accessible to a wide demographic across these regions. For international expansion, the primary target market is the GCC region, with the first store slated for October 2024. This tiered approach allows for deep penetration in the domestic market while exploring new global opportunities.

2. Financial Overview

Funding History

Curefoods has successfully raised a total of $175 million across 15 funding rounds. Its most recent funding was a Conventional Debt round completed on March 24, 2025. Notable investors include Chiratae Ventures, Three State Capital, Accel, OppDoor, Landmark Group, ASK Asset & Wealth Management, Pivot Ventures, and RB Investments (Singapore).

The company's operating revenue for FY24 reached INR 585.1 crore, marking a significant increase from INR 382 crore in the previous year. With an additional INR 50 crore from interest income, Curefoods' total income for FY24 was INR 635 crore. The company projects an annual revenue run-rate of approximately INR 1,000 crore by the end of FY25 and anticipates achieving profitability by the fourth quarter of FY25. As of December 12, 2024, its post-money valuation stood at ₹3,820 crore. Despite strong revenue growth, Curefoods reported losses of ₹169.97 crores in FY25, a decrease from ₹342.73 crores in FY23, indicating improving financial performance.

Curefoods is preparing for an Initial Public Offering (IPO) to raise ₹800 crore, aiming to add 1,500 new outlets by 2029. Funds from the IPO are intended to support debt repayment, enhance marketing efforts, integrate its supply chain, and invest ₹152.5 crore to establish new cloud kitchens, restaurants, kiosks, and a central kitchen, which will significantly fuel its future growth.

3. Product Pipeline

Key Products/Services

Curefoods manages a diverse portfolio of food brands, catering to a wide array of culinary tastes and preferences. Each brand operates within its distinct niche, contributing to the company's multi-brand strategy.

EatFit: Focuses on healthy and nutritious meals, targeting health-conscious consumers.

CakeZone: Offers a variety of desserts and confections, expanding its reach in the sweet treats segment.

Nomad Pizza: Specializes in gourmet pizzas, providing a premium pizza experience.

Sharief Bhai Biryani: A popular brand offering traditional biryani dishes, appealing to lovers of authentic Indian cuisine.

Olio Pizza: Another pizza brand in its portfolio, further diversifying its offerings in this popular category.

Krispy Kreme: Curefoods holds the pan-India operational rights for this iconic doughnut brand, expanding its presence in the quick-service dessert space.

Other Acquired Brands: The company’s growth strategy includes the acquisition of several direct-to-consumer (D2C) food brands such as MasalaBox, Paratha Box, Ammi's Biryani, Crusto, Chaat Street, Juno's Pizza, Cupcake Noggins, Iceberg, and White Kitchens, each contributing to its comprehensive food ecosystem.

4. Technology & Innovation

Technology Stack

Curefoods extensively leverages technology to streamline its operations and enhance efficiency and scalability. The company's core platforms include Amazon Web Services (AWS) and Google Cloud Platform (GCP), which are crucial for various functions.

Proprietary developments include AI-driven demand estimation, which allows for precise forecasting of customer needs, and unified order management systems that ensure seamless processing of orders across different platforms. The infrastructure also features direct API connectivity with various delivery platforms, optimizing delivery logistics. Curefoods employs scientific methodologies for demand forecasting, pricing optimization, and ingredient management, ensuring efficiency across its supply chain. Furthermore, its central kitchens are ISO 22000:2018 certified and equipped with temperature-controlled systems to maintain stringent quality control. The company also integrates modern technology in cooking, packaging, and waste management to uphold its commitment to sustainable operations.

5. Leadership & Management

Executive Team

Ankit Nagori: Founder
Ankit Nagori is a distinguished figure in the Indian startup ecosystem, known for his impactful roles. He previously served as an executive at Flipkart and co-founded Cultfit (now Cure.fit), a leading health and fitness platform. In 2020, he strategically spun off EatFit, Cult.fit's healthy food vertical, to establish Curefoods as an independent entity. Nagori has been instrumental in Curefoods' aggressive expansion strategy, orchestrating numerous acquisitions of Direct-to-Consumer (D2C) food brands across India to build a robust "house of brands." His vision and leadership have been central to the company's rapid growth and market positioning.

Recent Leadership Changes

The most significant leadership change in Curefoods' history was its formation in 2020, when Ankit Nagori spun off EatFit from Cultfit to establish Curefoods as an independent and focused cloud kitchen company. This strategic move enabled a dedicated focus on