Food Delivery

Curefoods eyes Swiggy-backed Maverix in one of largest cloud-kitchen deals

Aditi Shrivastava

December 15, 2021 | 5 Min Read

Maverix, which owns six food delivery brands, has struggled following Covid-19 and is short of cash. Since 2015, it has raised over $30 million from investors, including Accel. Its potential sale to Curefoods highlights scalability issues and wafer-thin operating margins in the space

Executive-turned-entrepreneur Ankit Nagori has been on a dealmaking spree since he began cloud kitchen startup Curefoods in 2020. He entered the hospitality business just when several kitchen operators, buffeted by the pandemic that shrunk orders overnight, were looking to be acquired by larger players.

The news: Nagori is now eyeing his biggest M&A win. Curefoods, flush with funds, is in talks to buy out or form a merger with struggling industry peer Maverix, which is backed by Accel and Swiggy.

The likely deal, a mix of cash and stock, will help Curefoods gain a central kitchen hub in Mumbai and capabilities that Maverix has developed over the past five years — food R&D, manufacturing and cold chain.

Corporate

Access unlimited content at a special discounted rate. Trusted by top VC’s and leading organizations, we provide bulk subscriptions for groups of 30+. Contact us for more details

Campus

Top educational institutions have collaborated with us for campus-wide subscriptions. For bulk campus-wide access, please get in touch.

Got a tip? If you have a lead we should be chasing at The CapTable, write to us at tips@the-captable.com

Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds

Trusted by the best

Karthik Reddy

Blume Ventures

The CapTable brings a refreshing set of insights for us at the Blume team, highlighting stories that bring together the underlying business and founders with that of investors' journeys with these startups. It's an important perspective that very few bring to startup ecosystem enthusiasts.

Latest Articles

The Youtubers quietly building India’s next wave of e-commerce sellers

Post-pandemic, seller influencers have evolved into hybrids of educators and account managers, aggregating and managing merchants locally as they bring regional brands onto platforms such as Meesho, Flipkart, and Amazon.

Pranav Balakrishnan

VCs are racing to fund India’s first reusable rocket. Who’s winning the game?

As funding accelerates, Indian space-tech startups are betting on reusable rockets to lower costs and enable scale, but the path is challenging and the competition fierce.

Parvathi Benu

India's air cargo boom leaves most carriers grounded

India moved a record 3.7 million tonnes of air cargo last year, driven by e-commerce and pharma exports. Yet nearly every carrier hauling freight lost money. Only Blue Dart Aviation was profitable, even as the rest of the industry bled Rs 52,000 crore.

Anuj Suvarna

India’s new luxury playbook: Homes as hard assets, handbags as portable wealth

India’s luxury market in 2025 shifted from aspiration to asset allocation. Ultra-HNIs are buying scarcity-driven luxury homes for permanence and designer handbags for liquidity, treating both as hard assets that hedge volatility, preserve value, and diversify wealth beyond traditional markets.

Sohini Mitter

How to claim mutual fund investments of a deceased family member

While the process is largely straightforward, lining up the required documents can be tricky, especially if the deceased had not named a nominee.

Maulik M

Convinced that The Captable stories and insights
will give you the edge?

Convinced that The Captable stories
and insights will give you the edge?

Subscribe Now

Stories

Explore