Curefoods

Sector: Cloud Kitchens and Food Delivery  |  HQ: Bengaluru, Karnataka, India  |  Founded: 2020  |  Employees: 5,000+

Listed as: Privately held  | 

Company overview

Curefoods is a Bengaluru based multi brand cloud kitchen company founded in 2020 by Ankit Nagori, the former chief business officer of Flipkart and co founder of Curefit. The company operates a portfolio of delivery focused food brands across multiple cuisines and price points including EatFit, the healthy meals brand spun out of Curefit, CakeZone for desserts and celebration cakes, Sharief Bhai Biryani for biryani, Frozen Bottle for thick shakes and milkshakes, Aligarh House Biryani and several other brands across South Indian, North Indian, Mughlai and continental categories. The company operates hundreds of cloud kitchens across major Indian cities including Bengaluru, Mumbai, Delhi NCR, Hyderabad, Chennai and Pune. Each kitchen operates multiple brands sharing common infrastructure under the hub and spoke model, allowing economies of scope across brand portfolio. Customers order through Zomato and Swiggy and through Curefoods own branded apps. Curefoods has been one of the most aggressive acquirers in the Indian cloud kitchen space, having acquired Frozen Bottle, Sharief Bhai Biryani and several other regional brands to add to its portfolio. The company has raised over 175 million dollars from Iron Pillar, Three State Ventures, Chiratae Ventures, Accel and other investors.

Competitive position

Curefoods competes in India's cloud kitchen and delivery focused food brand category with Rebel Foods, parent of Faasos, Behrouz Biryani and Oven Story and the largest cloud kitchen player in India and globally; Box8 and MOJO Pizza from Eatclub Brands; FreshMenu in the chef driven gourmet segment; and dine in quick service restaurants scaling delivery presence. Its advantage is portfolio breadth across multiple cuisines and price points, aggressive acquisition strategy that has consolidated several smaller brands, and strong founder profile attracting capital. Its disadvantage is the path to consolidated profitability remaining uncertain given heavy investment in expansion, and the structural pressure of aggregator commission economics on margins.

Key risks

Aggregator commission structures compressing margins Integration challenges with multiple acquired brands Path to consolidated profitability remaining uncertain

Outlook

Curefoods was founded in 2020 by Ankit Nagori, who previously co founded Curefit, the fitness and wellness platform, with Mukesh Bansal. Nagori left Curefit to set up Curefoods as a multi brand cloud kitchen platform, taking the healthy meals delivery brand EatFit with him as the founding brand. The thesis was that Indian food delivery, which had scaled meaningfully through Zomato and Swiggy by 2019 to 2020, needed branded food companies that could deliver consistent quality at scale across multiple cuisines, and that a multi brand platform could share infrastructure across brands. The COVID pandemic in 2020 and 2021 accelerated the shift to food delivery as dine in restaurants were closed and consumers shifted to home consumption. Curefoods scaled aggressively during this period, opening cloud kitchens across major cities, acquiring smaller brands and building out the operational backbone. By 2022 the company had crossed two hundred kitchens and raised growth capital at a unicorn level valuation. The brand portfolio is intentionally diversified across cuisines, price points and occasions. EatFit, the founding brand, focuses on healthy meals including high protein, calorie counted and macro tracked options for fitness conscious consumers. CakeZone offers desserts, celebration cakes and treats. Sharief Bhai Biryani, acquired in 2021, brings a popular Hyderabadi biryani brand. Frozen Bottle, acquired in 2022, offers thick shakes and milkshakes at sharper price points. Aligarh House Biryani serves North Indian biryani. Several other brands across South Indian, Italian, Chinese and fusion categories complete the portfolio. The operational model uses a hub and spoke kitchen design with multiple brands sharing common infrastructure including utilities, storage, ingredient preparation and packaging. This allows kitchen utilisation to be maximised across day parts and across brand mix, improving unit economics relative to single brand operations. Centralised commissaries handle bulk ingredient preparation and supply chain, with last mile preparation happening at each kitchen. Financials for the consolidated business are not in the public domain because the company is unlisted and privately held. Trade press reports the company's revenue at multiple hundreds of crore with significant negative bottom line as it invests in geographic expansion, brand building and selective acquisitions. The company has raised over 175 million dollars across several funding rounds, with the most recent valuation reportedly around the unicorn threshold. The Indian food delivery category has matured significantly from the early days of subsidy driven growth. Zomato and Swiggy now operate at platform contribution margin positive levels and have become structurally critical infrastructure for cloud kitchens. However, aggregator commissions have compressed cloud kitchen margins, pushing brands to develop first party demand through their own apps and to selectively explore dine in formats to reduce aggregator dependence. Strategy from 2025 to 2030 is built on three themes. First, scaling existing brands to national footprints while pruning under performing brands from the portfolio. Second, building first party demand through Curefoods owned apps and direct customer relationships to reduce aggregator dependence. Third, selective dine in expansion for selected brands where customer experience adds material value. The path to profitability is the central investor focus area. The regulatory environment is governed by the Food Safety and Standards Act 2006 and FSSAI regulations for each kitchen, state shop and establishment registrations, fire and safety norms, labour codes and Goods and Services Tax. As a private limited company Curefoods complies with Companies Act 2013. The Consumer Protection (E Commerce) Rules 2020 impose disclosure requirements on online food sellers and aggregators. Packaging is subject to Plastic Waste Management Rules. Key risks include aggregator economics with Zomato and Swiggy commissions structurally compressing margins, intense competition from Rebel Foods, Box8 and a long tail of brands on the aggregator platforms, food safety incidents that can damage brand equity, real estate cost inflation at kitchen sites, labour shortages and turnover in kitchen and rider roles, integration challenges with multiple acquired brands across different operating systems, and the path to consolidated profitability which remains the key investor concern. Management is led by Ankit Nagori as founder and chief executive officer, with a senior team across food technology, supply chain, operations, marketing, technology and corporate functions. Governance reflects the standards expected of venture backed Indian companies with an institutional board including representatives from Iron Pillar, Accel and Chiratae Ventures. ESG focus areas include food safety, packaging sustainability and adoption of recycled and compostable packaging, working conditions for kitchen and delivery staff, food waste reduction through demand forecasting and donation programmes, and the health and wellness positioning of brands like EatFit that contribute to better dietary outcomes.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.