Funding News: Curefoods Secures $6.6M Debt Financing from BlackSoil Group

Startup: Curefoods

Founder: Ankit Nagori

About us: Curefoods is at the forefront of transforming the food and beverage industry in India, driven by a passion for delivering exceptional culinary experiences.

Founded Year: 2020

Office: Bangalore

Sector: Food and Beverage Services

Funding Round: Debt funding

Investors: BlackSoil Group, Caspian Investments, Binny Bansal & Jitendra Kumar Bansal

News: Cloud kitchen house of brands, Curefoods, has secured $6.6 million debt funding from BlackSoil Group, along with other participation from Binny Bansal and Caspian Investments.

According to Registrar of Companies (RoC) filings, the cloud kitchen startup issued 800 Series D Debentures to BlackSoil to mobilize Rs 40 crore, and 200 debentures to Caspian for Rs 10 crore. Binny Bansal and Jitendra Kumar Bansal invested Rs 6.39 crore for 595 Series D1 Compulsorily Convertible Cumulative Preference Shares. The funding round was first reported by The Entrackr.

Curefoods owns brands like Nomad Pizza, Olio Pizza, and Sharief Bhai Biryani, and has also taken over Krispy Kreme's South and West operations. The firm is projecting Rs 900 crore in revenues for the current fiscal year, a 50% increase over FY24.

Earlier, Curefoods had raised Rs 300 crore ($36 million) from a funding round led by venture capital firm Three State Ventures owned by Binny Bansal, along with IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital. Rebel Foods, the rival, in December raised $210 million from a primary and secondary round led by Evolvence and Temasek.

Website: https://www.curefoods.in/