Curefood, started by Ankit Nagori, co-founder of Cure.fit has announced acquisition of five new food brands in its strategy to build a house of food brands. Curefood currently houses 20 brands in its portfolio and the company has declared its aim to acquire at least 25 brands by mid-2022.
As per credible sources, the recently acquired brands include Cupcake Noggins, Juno’s Pizza, organic ice-cream brand Iceberg, Jaipur centric multi-brand cloud kitchen White Kitchens and Nomad Pizzas. The food company has plans to expand its reach to around 20 cities and 200 locations by the end of the year.
Ankit Nagori, Founder of Curefood mentioned that the firm aims to bring together a plethora of firms which cater to diverse cuisines, eating occasions, flavor profiles and regional variations.
He added that the company’s goal is to add business and tech expertise to its work to provide good dishes to its customers.
For the uninitiated, Curefoods has raised $13 million funding led by venture company Iron Pillar, Flipkart and Nordstar co-founder Binny Bansal to nurture and acquire developing cloud kitchen platforms. The company has also concluded a $10 million debt round from Alteria Capital and plans to add a $30 million from investors like Chiratae and Accel.
According to reports, the company has also acquired brands like Masala Box, Cake Zone, Paratha Box and has private online franchising rights for brands like Sharief Bhai, YumLane and Aligarh House.
Curefood works with an approach to acquire online food brands mentioned on delivery platforms like Zomato and Swiggy, unlike the approach of its rival brand Rebel Foods, which has its own cloud-kitchen and has started each brand.
The brand is betting on the expanding addressable market as the number of Indians ordering food online keeps growing day by day.
Source credits:- https://www.moneycontrol.com/news/business/startup/curefoods-buys-out-5-more-food-brands-to-double-down-on-its-house-of-brands-play-7897321.html