CURRYiT, a 100% clean cooking paste brand that’s redefining Indian cooking announced the successful closure of its latest funding round raising a substantial amount of INR 4.5 crore. The round was led by esteemed investors including RK Family Trust (of Apollo group), Tangent Advisors, Freeflow Ventures, and prominent angel investors as Ramesh Damani (of DMart group), Ajaya Jain and other angel investors.
The pre-money valuation of CURRYiT stood at INR 40 crore, reflecting robust investor confidence in the company’s growth prospects. The fresh capital infusion will primarily be allocated towards scaling up operations, enhancing brand marketing efforts, and strengthening their distribution channels.
Founded by IIM alumni Richa Sharma and Nischal Kandula, CURRYiT offers the largest range of cooking pastes in India including curry pastes such as Kashmiri Rogan Josh, Butter Masala, biryani pastes, ginger garlic paste, tomato purees, instant tadka, etc. The company said it serves 25,000+ pincodes per day and has witnessed over 50% month-on-month growth on Q-commerce platforms. With increased production capacity and distribution, the brand aims to quadruple its monthly revenue in the next 6 months.
Commenting on the deal, CURRYiT founders Richa and Nischal said “Clean delicious food is not merely a USP for us, it is a choice we would like consumers to make for tastier and healthier home cooked food. Current range of products available in the market are loaded with chemicals, preservatives, dehydrated vegetables, palm oil, hence compromised on both taste and quality. We aim to change this for the consumer. With this recent funding, we will double down on our production and marketing efforts to make CURRYiT the go-to brand for every Indian’s daily cooking needs”
The company also boasts of its world-class FDA, ISO certified in-house manufacturing facility with 40+ quality checks in place, that ensure only the finest products reach the customers. This facility also allows CURRYiT to faster go-to-market of products while keeping costs low and benefiting from economies of scale. CURRYiT’s existing investors include RPSG Capital ventures, IIM Udaipur, and LBB. The Indian ready to cook and spices market is likely to grow at a compounded annual growth (CAGR) of 15.7% from USD 9.81 billion in 2022 to USD 42.17 billion by 2032.