Rebel Foods: Rebel Foods joins unicorn club after $175 million fundraise

Rebel Foods: Rebel Foods joins unicorn club after $175 million fundraise


Rebel Foods, which operates a network of cloud kitchens and digital brands, has raised $175 million in a round led by Qatar Investment Authority (QIA), the country’s sovereign wealth fund. Existing investors Coatue and Evolvence India also participated.

The Series F round turned the company into a

of 2021 with a valuation of $1.4 billion. It is the 31st Indian startup to achieve the feat this year.

Indian Startups in 2021ETtech

Rebel Foods said it is setting a course for an initial public offering in the next 18-24 months.

It will use the new funds to expand worldwide, build its technology and add more food brands to its existing 45. It currently operates over 450 kitchens in 10 countries, including Indonesia, the United Arab Emirates and the United Kingdom.

Piyush Kakkad, chief financial officer of Rebel Foods said, “While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way.”

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The company said it was steadily moving towards profitability with annualised sales of $150 million, growing 100% year on year. It said the growth was on the back of brick-and-mortar restaurants using cost-efficient cloud kitchens to scale.

The business also grew in tier-II towns, which saw higher demand for its services than metro cities between April and July, Raghav Joshi,
chief executive of the company’s India unit, told ET in June.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods created brands such as Faasos, Behrouz Biryani, Ovenstory Pizza and Mandarin Oak. Last year,
it took over the India franchise of US burger brand Wendy’s.

Ravi Golani, chief strategy officer of Rebel Foods, said in a statement, “The food-tech space has evolved towards better personalisation, innovation and complete transparency. We are excited to welcome QIA, which has a track record of being a long-term supportive investor.”

The cloud kitchen sector in India has seen heightened deal activity in recent months. Wow! Momo Foods also recently
raised around $17 million and has ambitions of an IPO. Curefoods, founded by Ankit Nagori,
raised $13 million from Iron Pillar in August to acquire and launch internet-first brands.



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