Cloud kitchen operator Rebel Foods has raised $210 million in a mix of primary and secondary share sales to expand its footprint and enhance its portfolio of brands.
Rebel Foods competes with Curefoods and FreshMenu. It says the Series G round was led by Temasek, and witnessed participation from Evolvence while also providing some investors with exits.
“This funding reinforces our vision to keep strengthening our platform thereby enhancing our portfolio of brands, scale our omnichannel presence, and drive operational excellence globally,” noted Jaydeep Barman – Co-founder and CEO, Rebel Foods.
Two weeks ago the Competition Commission of India (CCI) approved investment in Rebel Foods. The investment was made through Temasek Holdings’s arm, Jongsong Investments Pte.
Avendus Capital acted as the exclusive financial advisor to Rebel Foods.
The cloud kitchen operator, reportedly planning a public listing within the next 12 to 18 months, has significantly reduced its after-tax losses by 40%, bringing them down to Rs 378 crore in FY24, compared to Rs 656 crore the previous year.
It reported a 19% growth in operating revenue, reaching Rs 1,420 crore, up from Rs 1,195 crore in the previous fiscal year. It operates over 450 kitchens across 70+ cities in India and expanding into international markets such as the UAE and UK.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods currently houses brands like Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s among others.
