House of Brands and a cloud kitchen operator, Curefoods successfully raised Rs 300 crore last week in a funding round led by Flipkart founder Binny Bansal’s fund Three State Capital. The company raised over Rs 800 crore from investors in January 2022.

The funding round consisted of primary and secondary equity and debt, with Three State Capital contributing Rs 240 crore. Other firms that participated in the round include IronPillar, ASK Finance, Chiratae Ventures and Winter Capital, the company released in a statement on April 6.

The company’s founder, Ankit Nagori, aims to use these new funds to diversify into offline formats and expand its geographical reach. This will help the online-only cloud kitchen to reach new customers and markets by targeting offline model expansion.

In the previous fiscal year, FY 2022-23, Curefoods achieved over 300% year-on-year growth. This year, the company aims to focus on profitability and achieve significant growth and presence around India in the coming years.

The gourmet pizza brand Nomad Pizza and the biryani brand Sharief Bhai are the fastest-growing brands under the Curefoods umbrella, growing at over 50% quarter-on-quarter.

Curefoods currently services the backend operations of over 150 multi-brand cloud kitchens and 7 food factories covering over 200 locations in 15 cities. The company crossed 11 lakh monthly orders in December 2022, resulting in an annual recurring revenue of Rs 550 crore.

By the end of 2023, the company has set an objective to achieve a Rs 1,000 crore annualised revenue run rate and manage 20 lakh orders monthly. In the same period, Curefoods also plans to open 50 more locations by focusing on expansion into Tier 1 and Tier 2 cities and diversifying into offline formats.