New Delhi, May 13 -- Curefoods, backed by Flipkart co-founder Binny Bansal, has acquired the rights to operate the global doughnut and coffee brand Krispy Kreme across India. The move will strengthen Curefoods' presence in northern India and accelerate Krispy Kreme's nationwide expansion.
Curefoods, founded in 2020 by Cure.fit co-founder Ankit Nagori, previously held exclusive distribution rights for Krispy Kreme only in South India. After this acquisition, the company will now take over 11 Krispy Kreme outlets in the Delhi-NCR region, including seven physical stores and four cloud kitchens.
The development brings the total number of Krispy Kreme outlets operated by Curefoods in India to over 100, comprising a mix of dine-in stores and cloud kitchens.
Krispy Kreme Inc, founded in 1937 and based in North Carolina, US, is a global F&B chain renowned for its doughnuts, coffee, and other desserts.
Besides its expansion in the northern region, Curefoods also plans to widen its presence in other parts of the country, including western markets such as Mumbai.
Bengaluru-based Curefoods is a house of F&B brands, including Kitchens of EatFit, CakeZone, Nomad Pizza, Sharief Bhai, Olio Pizza, Frozen Bottle, Krispy Kreme, and Arambam.
As of March 2024, it reported a consolidated net revenue of Rs 585 crore, up from Rs 382 crore in March 2023, according to data from VCCEdge. Its net loss narrowed to Rs 172 crore from Rs 343 in the same period.
In 2023, the company raised Rs 300 crore ($37 million then) in a mix of equity and debt funding, led by Binny Bansal's Three State Ventures. Other participating investors included IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital.
Earlier, in 2022, the company had raised $62 million (Rs 457 crore then) from investors such as Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital.
Published by HT Digital Content Services with permission from VC Circle.