In a remarkable display of financial resilience, Curefoods, one of India’s leading cloud kitchen operators, has reported a substantial reduction in losses for FY24, while achieving impressive revenue growth. The Bengaluru-based company has cut its losses by 49.64%, marking a significant milestone in its journey toward profitability.
The company’s revenue from operations witnessed a robust increase of 53.17%, reaching ₹585.1 crore in FY24, compared to ₹382 crore in the previous fiscal year. This growth comes alongside an additional ₹50 crore generated from interest income, pushing the total income to ₹635 crore for the fiscal year.
“Our strong performance in FY24 reflects the success of our multi-brand strategy and operational excellence,” said Ankit Nagori, Founder of Curefoods. “The significant reduction in losses while maintaining aggressive growth demonstrates our commitment to building a sustainable and profitable business model in the competitive cloud kitchen space.”
The company’s improved financial health can be attributed to strategic cost management initiatives, particularly in advertising expenses, which were slashed by 50.8% to ₹52.8 crore. Despite this reduction in marketing spend, Curefoods has maintained its growth trajectory, operating 340 cloud kitchens across 35 cities and 60 offline outlets in 10 cities. The company’s portfolio of eight brands, including popular names like EatFit, CakeZone, and Nomad Pizza, continues to cater to diverse culinary preferences across 10 cuisines.
A notable achievement for the company has been the success of its flagship brands, with four of them – Eatfit, Cakezone, Sharief Bhai, and Olio Pizza – each surpassing ₹100 crore in annualized sales. This milestone underscores the strength of Curefoods’ brand portfolio and its ability to scale operations effectively.
The company’s ambitious expansion plans include scaling to 1,000 locations over the next three years, comprising 600 cloud kitchens and 350 quick service restaurants (QSR) and casual dining establishments across 50 cities. This expansion strategy is backed by substantial investor confidence, with the company having raised over $200 million from prominent investors including Binny Bansal’s Three State Ventures, Accel, Chirate, and Alteria.
For Tamil Nadu’s startup ecosystem, Curefoods’ success story presents a compelling case study in scaling food-tech operations while maintaining financial discipline. The company’s presence in the state has contributed to job creation and the development of local supply chains, while its cloud kitchen model has opened new opportunities for local food brands to expand their reach through strategic partnerships.
The improvement in EBITDA metrics is particularly noteworthy, with losses narrowing to ₹82.8 crore in FY24 from ₹275.7 crore in FY23. The EBITDA margin showed significant improvement, moving from -72% to -14%, indicating stronger operational efficiency and better cost control measures.
Venture capital analyst Priya Raghavan comments, “Curefoods’ financial performance sets a new benchmark for cloud kitchen operations in India. Their ability to reduce losses while maintaining strong growth demonstrates the viability of the cloud kitchen model when executed with operational discipline.”
As the company continues its growth trajectory, its success could pave the way for more food-tech innovations in Tamil Nadu and across India, particularly in tier-2 and tier-3 cities where the cloud kitchen model offers significant potential for expansion.
