Winter Capital’s recent bets in India include healthcare startup Pristyn Care and fintech firm Money View.
Three State Capital has invested $5.8 million in the round.
Existing investors Chiratae Ventures infused about $1.6 million, while India invested $3.9 million and Iron Pillar put in $10 million, according to regulatory filings sourced from business intelligence platform Tofler.
Curefoods, led by former Flipkart executive Ankit Nagori, has also raised around $500,000 in debt from venture debt firm Alteria Capital, the filings showed.
The company did not comment on the development.
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Founded in 2020, Curefoods has raised about $120 million till date, including the latest round. Earlier this year, it
merged with rival Maverix, and the combined entity has about 125 cloud kitchens across 12 cities, including Delhi, Mumbai, and Bengaluru.
The Bengaluru-based startup is focussed on creating a multi-brand play, similar to US-based Thrasio, which pioneered the business of acquiring brands from Amazon and scaling them.
Curefoods is also acquiring, incubating and licensing other food brands. It has 20 brands in its portfolio, of which 15 have been fully acquired.
It currently operates brands such as EatFit, Yumlane, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammi’s Biryani, Canteen Central, and Homeplate, to name a few.
It plans to use the fresh capital to expand into new geographies and fund new acquisitions.
Cloud kitchens, which are cooking facilities devoted to preparing delivery-only food, have flourished on the back of the Covid-19 pandemic.
Rival Rebel Foods, which operates a network of cloud kitchens and digital brands, has set aside $150 million for strategic brand investments and acquisitions.
In a previous interview with ET, Nagori said the company was
acquiring a mix of small brands with an annual revenue run rate of Rs 8-10 crore, and those that had the potential to scale nationally and become Rs 100 crore businesses. Its top three brands contribute 50% to revenue, while the next three contribute a quarter.
