Curefoods, India’s leading cloud kitchens operator has announced the launch of its Curefoods Accelerator Programme Season 2, today, for the entrepreneurs who are going deep into the existing food systems and look forward to solving the future of food.
The brands and participants of the programme will get access to the capital and network of Curefoods, and support from an extensive expertise stack of the brand, in the fields of brand marketing and planning among others, to achieve growth and development in their entrepreneurial journey.
For the programme, Curefoods eagerly anticipates engaging with passionate companies and startups who have depth in their vision and believe in disrupting the food space.
The winner brand of the programme’s season 1 was Olio Pizza where the company saw impactful growth. The company’s product and brand, speak and reach out perfectly well to the young adult audience, which reflects how they have been growing every month. Kshtiij and Satyajit, founders of Olio pizza and the entire team are in great sync with the company’s consumer palette. Olio Pizza will now work to make itself a truly national pizza brand.
The Curefoods Accelerator Programme is a Four Step Process.
*Early-stage food start-ups with a proven Product Market Fit (PMF) will first be identified
*Once identified, the startups will go through a 10 Day process to garner funding of INR 1 Crore for a majority of the ownership. This will be funded by Curefoods
*There will also be periodic working sessions conducted with the teams to identify the unlocks and scale
*Lastly, the startups will be taught how to leverage networks & synergies, to take their final flight in the market
Gokul Kandhi, Chief Business Officer, Curefoods said, “The first season of the accelerator program gave us a good bunch of exciting brands and entrepreneurs to work with. This season will be a bigger and better round held for young brands, to give them a great opportunity to leverage our Research & Development, Distribution and Central operation strengths across all top cities of the country. I look forward to the Season 2 of the programme.”
The Curefoods Product Market Fit (PMF) criteria are defined depending on 3 aspects. The startup should be generating an annual revenue of INR 1.5 to 3 Crores. The amount of love the startup gets from its customers and the demand it is generating will also be evaluated. Lastly, the unit economics and operational efficiency of the company will also be considered. Companies having low last mile efforts and leak-proof logistics will be preferred over the others.
Once the company is part of the accelerator programme, the 10-day process to garner funding entails a complete audit of the company’s last 18 months’ P&L. There will also be a clean reconciliation of the revenue that was reported, invoiced, and collected. A detailed breakdown of the cost of goods sold (COGS) and the evaluation of the company’s operational complexity and its scale potential will be examined. With this overall company check. Lastly, based on the company’s future plans for the next 18 months, the required funds will be scaled.