With assistance from current backer Binny Bansal and under the leadership of BlackSoil Group, cloud kitchen startup Curefoods is raising Rs. 56.4 crore (roughly $6.6 million) in debt. This will be the Bengaluru-based company's first debt round of the year.
According to a regulatory filing obtained from the Registrar of Companies (RoC), the board of Curefoods has passed a special resolution to issue 595 mandatory convertible debentures to Binny Bansal worth Rs. 6.4 crore and 1,000 non-convertible debentures to BlackSoil at an issue price of Rs. 5,00,000 each, raising Rs. 50 crore.
According to documents, the cash will be used for corporate expansion and working capital needs.
Curefoods is a cloud kitchen platform that runs businesses like Nomad Pizza, Krispy Kreme, EatFit, Sharief Bhai, and Olio Pizza. At the moment, it operates more than 100 kitchens across more than 200 locations across India.
TheKredible, a startup data intelligence platform, reports that Curefoods has raised $125 million in rounds with investors like Iron Pillar, Chiratae Ventures, and Three State Capital, which is funded by Binny Bansal. In February, Curefoods also raised Rs. 37 crore through equity from Landmark Group. The development was exclusively reported by Entrackr.
In FY24, Curefoods had impressive financial results, showing a 50% increase in operating income to Rs. 585 crore and a 50% decrease in losses to Rs. 172.6 crore.
According to reports, the company run by Ankit Nagori intends to start its $300–400 million IPO later in FY26.
