Financial terms of the deal weren’t disclosed.
This acquisition will enable Curefoods to broaden its portfolio and strengthen its presence in India’s food service market by leveraging the brand’s customer base and operational network.
“This partnership underscores our commitment to expanding into categories beyond our cloud kitchen ecosystem and investing in well-loved brands to enhance our presence in India’s food market,” Curefoods founder Ankit Nagori said.
Prior to this acquisition, Krispy Kreme’s South Indian operations were managed by retailer Landmark Group. With this deal, Landmark Hospitality Services Ltd has acquired a stake in Curefoods India, investing an undisclosed amount.
US-based Krispy Kreme Inc has operations in 40 countries through a network of doughnut shops, retail partnerships and a digital platform.
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Curefoods had in December 2023 invested Rs 10 crore in restaurant and food discovery enabling platform Hogr. It also acquired foodtech company Yumlane and its proprietary technology in October 2023. It has raised $158 million in total till date, as per data intelligence platform Tracxn.Founded in 2020 by former Flipkart executive Nagori, Curefoods houses brands like EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle. The Bengaluru-based company has over 500 cloud kitchens and offline stores in 40 Indian cities. The company posted 53% revenue growth in fiscal 2024 when it also cut net loss to less than a half from the year before.
According to a report by the National Restaurant Association of India earlier in 2024, the cloud kitchen sector expanded at a compound annual growth rate (CAGR) 30-40% during 2019 to 2024, and the outlook for the next four years is a CAGR of 35%.
