Cloud Kitchen startup Curefoods acquired pizza brand Yumlane
By siliconindia | Monday, 30 October 2023, 14:40 IST
Curefoods, a cloud kitchen operator, has recently acquired Yumlane, a food-tech startup, for an undisclosed sum. Yumlane, founded in 2016, has developed a proprietary technology stack for pizza and ventured into the cloud kitchen brand with Yumlane Pizza and B2B business. The acquisition will allow Yumlane to take advantage of CureFoods' reach to enhance its proprietary pizza technology, according to a statement. In 2021, Curefoods acquired Yumlane's Pizza cloud kitchen franchisee rights for the South India market, followed by a 10% stake in the company in 2022.
With the complete acquisition of Yumlane, Curefoods will further its reach and distribution, it said. “Their extensive B2B client network and their positioning as a value leader in the pizza category align strategically with our brand portfolio. We are excited to harness Yumlane's potential as we work toward enhancing the pizza category as a whole,” added Gokul Kandhi, Chief Business Officer of CureFoods. Yumlane claims to have expanded its reach across 15 cities in India and counts names like Curefoods, Barbeque Nation, Frozen Bottle, and 7-11 as its clients. The startup has raised funds from Flipkart’s Binny Bansal, Anupam Mittal, Orios Ventures and RB Investments.
House of Brands startup Curefoods in April bagged Rs 300 crore recently in a mix of equity and debt. The round was led by Binny Bansal's fund with other firms like Iron Pillar, Chiratae Ventures and Ask Finance also participating. The startup plans to use the funds to expand geographically and diversify into the offline space. Founder Ankit Nagori had told CNBC-TV18 that 90% of the funding raised was equity, with the remaining 10% being debt. He also mentioned that Curefoods is about to turn profitable and does not require much more funding.
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