India’s Rebel Foods, which operates a network of digital brands and cloud kitchens, has reportedly raised USD 175 million in a Series F round that was led by sovereign wealth fund Qatar Investment Authority (QIA). Existing investors Evolvence India and Coatue also participated in the fundraiser.
With a current valuation of USD 1.4 billion, the fresh Series F funds have helped the company enter India’s elite unicorn club. It is the 31st Indian startup to achieve this status in 2021 alone.
Rebel Foods, founded by Kallol Banerjee and Jaydeep Barman, began as Faasos, a chain of quick-service restaurants (QSRs) that sold kebab rolls, with an online ordering service. After witnessing increasing orders from the online channel, the company closed stores and switched to a cloud kitchen in 2016, serving various cuisines from cooks working in lower-rent facilities.
The company was valued at over USD 800 million in its last round of fundraising in 2020 and was backed by Goldman Sachs, Lightbox Ventures, Sequoia Capital India, Coatue, Gojek, and Uber founder Travis Kalanick.
Barman mentioned that they are planning for an IPO next year and are likely to raise a private round soon. He also added that they await clarifications on Government norms on the direct overseas listing. If all goes well, it will list on Nasdaq or NSE, else it will list in India.
The company’s Chief Strategy Officer, Ravi Golani, said this new fundraiser would help them serve new customer food missions supported by automation and technology.
Rebel Foods CFO, Piyush Kakkad, expressed that they would re-invest the funds to build their technology, expand their global presence, and acquire new brands.
Rebel Foods operates 4000+ internet restaurants across 10 countries, including Bangladesh, Thailand, Malaysia, the United Kingdom, Indonesia, India, the United Arab Emirates, Singapore, Hong Kong, and the Philippines. The company said it would focus on expanding its international reach, technology, and brand acquisitions with fresh investment.
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