Curefoods’ income up 50% in FY24, losses halve

Cloud kitchen main Curefoods noticed its income from operations go up whereas its losses halved resulting from discount in promoting prices.

The corporate’s income from operations soared 53.17 per cent to ₹585 crore in FY24 from ₹382 crore in FY23.

The Bengaluru-based firm has 340 cloud kitchens in 35 cities and 60 offline shops throughout 10 cities. Based by Ankit Nagori in 2020, the corporate homes eight manufacturers together with EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai and Olio Pizza, catering to 10 cuisines.

The corporate additionally made further ₹50 crore from curiosity earnings pushing Curefoods’ whole earnings to ₹635 crore in FY24.

Promoting bills had been diminished by 50.8 per cent to ₹52.8 crore, whereas worker profit bills rose by 43.18 per cent to ₹148.2 crore. As a consequence of decline in promoting prices, the corporate managed to cut back its web loss by 50 per cent to ₹172.6 crore in FY24.

Within the subsequent three years, it intends to scale to 1,000 areas, together with 600 cloud kitchens and 350 fast service eating places (QSR) and informal eating throughout 50 cities, businessline reported earlier. 4 of its manufacturers – Eatfit, Cakezone, Sharief Bhai, and Olio Pizza – have already crossed ₹100 crore in annualised gross sales.

Curefoods has raised greater than $200 million so far from the likes of Binny Bansal’s Three State Ventures, Accel, Chirate and Alteria.