Curefoods to Raise INR 54 Crore in Debt From BlackSoil Group The recent debt infusion follows a INR 300 crore ($36 million) funding round last year, led by Flipkart co-founder Binny Bansal's Three State Ventures
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Curefoods, a well known name in the cloud kitchen sector, has secured INR 56.4 crore ($6.6 million) in debt financing, marking its first debt round of the year. The funding was led by BlackSoil Group, with additional participation from Binny Bansal and Caspian Investments. According to regulatory filings accessed through the Registrar of Companies (RoC), the Bengaluru-based startup issued 800 Series D debentures to BlackSoil, raising INR 40 crore. An additional 200 debentures were offered to Caspian Investments for INR 10 crore, while longtime supporter Binny Bansal and Jitendra Kumar Bansal contributed INR 6.39 crore through 595 Series D1 compulsorily convertible cumulative preference shares.
The funding underscores Curefoods' ongoing expansion strategy as it strengthens its position in India's rapidly growing cloud kitchen sector. The company, founded by Ankit Nagori, operates a diverse portfolio of food brands, including Nomad Pizza, Olio Pizza, Sharief Bhai Biryani, and EatFit. Curefoods has also acquired Krispy Kreme's South and West India operations, expanding its presence in the premium dessert segment. With more than 100 kitchens across 200 locations, the startup has established itself as a major player in India's food delivery ecosystem.
The recent debt infusion follows a INR 300 crore ($36 million) funding round last year, led by Flipkart co-founder Binny Bansal's Three State Ventures. Other participants included Iron Pillar, Chiratae Ventures, ASK Finance, and Winter Capital. Curefoods has collectively raised $125 million across multiple funding rounds, drawing investments from notable backers such as Landmark Group and existing venture capital firms.
The latest capital injection is expected to fuel Curefoods' working capital requirements and further its business expansion plans. The company's growth trajectory places it in direct competition with fellow cloud kitchen leader Rebel Foods, which secured $210 million in December in a funding round led by Temasek and Evolvence.
