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.

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