The raised funds will be utilised to accelerate the growth journey by expanding to 50 Dark Stores across 4 cities and to build technology with fully integrated temperature monitoring.
This substantial investment, backed by a blend of existing and new investors including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agility Venture.
The infusion of capital from BanyanTree Growth Capital is poised to propel Angels into a new era, leveraging Nirula's national presence boasting 175+ outlets, thus ensuring that more locations across the country will soon be "touched by an Angel."
At present, the brand operates in India and Japan with 4 roasteries, over 80 physical outlets across major Indian cities and regions including Delhi NCR, Mumbai, Bangalore, Hyderabad, Kolkata, Chandigarh, Mohali and Pune.
This investment by Curefoods will primarily be utilized for the expansion of Millet Express, allowing the brand to reach a wider audience and meet the growing demand for millet-based products.
The capital will be used to increase the brand’s depth in existing markets while helping the business expand the honey and bee-keeping focussed brand, Moonshine Honey Project.