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Cloud kitchen operator Curefoods to turn Ebitda level profitable in the next two quarters, said Ankit Nagori, Founder and CEO of the company.
“We aim to get to ₹1,000-crore revenue run rate in the coming quarters. The aim is to turn EBITDA profitable in the next one or two quarters. Currently, we are in the range of ₹800 crore, aiming to get ₹2,000 crore in the next three years,” said Nagori.
Expansion plan
Curefoods has planned to open 40 more multi-usage cloud kitchen restaurants this year. The company plans to expand its presence in Mumbai, Delhi and in the Tier-2 cities – Indore and Lucknow. The company plans to have 250 cloud kitchens by the end of next year.
Launched in 2020, the Bengaluru-based startup houses brands such as EatFit, CakeZone, Nomad Pizza, Yumlane, Sharief Bhai Biryani, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammis Biryani, Canteen Central and Frozen Bottle.
Nagori added the company will also open 30-40 restaurants for its biryani brand, Sharief Bhai Biryani in Tamil Nadu and Kerala. Curefoods expects nearly 25 per cent of its revenue to come from offline stores or brand restaurants by the end of 2024.
“Currently, 4 of our brands of the brands EatFit, Cakezone Sharief Bhai biryani, and Nomad Pizza contribute to 80 per cent of our orders,” he added.
Recently, Curefoods has acquired Yumlane, a Mumbai-based pizza maker to expand its market presence. The company is looking to scale its current brands and not go heavy on acquisitions.
On acquisitions
Commenting on the recent acquisition, Nagori said, “Acquisitions played a very important role in getting to the right mix of brands, and SKUs and cuisine. At different price points, the acquisitions have served us well to get a full portfolio. We will not be going very heavy on acquisition but scale the brands and look at offline expansion.”
It has so far raised around $220 million in funding from 25+ investors including Iron Pillar, Chiratae Venturers, Accel India, Three State Capital, Blacksoil, Kunal Shah, and others.
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