Rebel Foods, a cloud kitchen brand, has raised $13.2 million in debt funding from Alteria Capital and InnoVen Capital. This latest round marks Rebel Foods’ fifth debt funding since its last equity round in 2021. The board of Rebel Foods approved a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures, each with a face value of INR 1 lakh, to raise INR 110 crore.
According to filings with the Registrar of Companies (RoC), Orbis Trusteeship, through Alteria Capital, invested INR 65 crore. At the same time, Vistra ITCL, via InnoVen Capital, contributed INR 45 crore. The tenure for repaying the Series G1 debt is until May 1, 2027, with an annual interest rate of 13.90%, payable monthly.
Rebel Foods secured $9.1 million in debt finance in April last year from Northern Arc and Stride Ventures. Earlier in 2022, the company raised INR 230 crore across three debt funding rounds.
Expanding Operations of Rebel Food
Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods operates popular quick-service restaurants such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. The company boasts over 450 kitchens in more than 70 cities. It has a portfolio of over 45 brands across India, the UAE, Saudi Arabia, and the UK.
Rebel Foods plans to take Ovenstory Pizza offline and open 250-300 new locations over the next two to three years. The company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. Peak XV backed the company, which raised its last equity round of $14.5 million in November 2021.
Financial Performance
Rebel Foods’ operating revenue surged to INR 1,258 crore in FY23, up from INR 856 crore in FY22. However, its losses increased to INR 656 crore in FY23 from INR 564 crore in the previous year. The company aims to launch an initial public offering (IPO) by 2025, potentially becoming the first cloud kitchen firm to list on the Indian stock exchange.
Rebel Foods recently joined the Open Network for Digital Commerce (ONDC) to expand its direct-to-consumer (D2C) products nationwide. This move aligns with its strategic goals to grow its footprint and enhance operational efficiency.
Stay ahead of the curve and follow IndiaTechDesk onĀ Facebook,Ā TwitterĀ andĀ LinkedinĀ for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.
Read More:
- FreshToHome, a Bengaluru-based Meat Delivery Brand, Bags $104 million
- PhonePe Raises $100 Million in Funding at a Valuation of $12 Billion
- MindMaze Secures $105 million Financing, Led by Concord Health Partners
- Byjuās Gets a Lesson in Accountability as Prosus Deliver Scathing Review
- Funding Winter Forces Indian Startups to LayOff Thousands Amid Economic Downturn
