In a bid to expand into the budget food delivery segment, cloud kitchen operator Curefoods has begun piloting a new service, MegaBite, in Bengaluru.
Available on the Play Store and App Store, MegaBite appears to serve dishes — in the range of ₹49-₹199 — from restaurants across its brand portfolio. Dishes from Rolls On Wheels, Olio Pizza, Krispy Kreme, Eatfit, Arambam, among others, are live on the platform.
The app is currently operational only in Bengaluru’s HSR Layout and claims to charge “no delivery charges” and “no platform fee”. The company’s founder and CEO Ankit Nagori announced the launch on social media today.
MegaBite is being marketed as “built for value-conscious, digitally-savvy consumers” and claims to make food delivery “faster, more affordable, and convenient”.
However, much hasn’t been shared by the IPO-bound company. The company declined to respond to Inc42 on our queries regarding the launch.
Curefoods follows suit as food delivery competitors are focused on reducing fees and commissions. Rapido’s Ownly, Swiggy’s Toing and Swish Go are some such names that are increasingly doubling down on this proposition.
To note, this would be the first attempt Curefoods is operating its own delivery platform. It’s unclear as of now if Curefoods itself will handle delivery and fulfilment or if it will join hands with third-party logistics partners.
Interestingly, rival cloud kitchen operator Rebel Foods has long operated its own delivery app EatSure, which competes with Swiggy and Zomato with offerings from restaurant brands it owns. The startup had also launched a 15-minute food delivery app QuickiES, which it shut down earlier this year, after almost one year of operations.
Founded in 2020 by ex-Flipkart executive Nagori, Curefoods started off as ‘Eat.fit’, a food brand under the umbrella of fitness startup Cult.fit, but later broke off into a separate business. It has since grown to become a complete house of brands following an elaborate acquisition strategy for expansion.
The startup has raised $150 Mn to date from the likes of Accel, Iron Pillar and 3State Ventures. Notably, it secured the green light from market regulator SEBI for a public listing around a year ago. The proposed IPO would comprise a fresh issue of ₹800 Cr and an offer for sale (OFS) of up to 4.85 Cr equity shares.
However, Curefoods later put its plans on hold after mutual funds reportedly raised concerns around its desired valuation of ₹4,000 Cr, given market volatility.
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