Foodtech Unicorn Rebel Foods Secures Rs 150 Crore in Debt Funding

Foodtech Unicorn Rebel Foods has obtained Rs 150 crore (approximately $17 million) through debt financing from its current investors, Alteria Capital and InnoVen Capital. This funding follows a previous investment of $25 million from the Qatar Investment Authority just a few months earlier.

As per documents filed with the Registrar of Companies (RoC), the board of Rebel Foods approved the issuance of 15,000 non-convertible debentures (NCDs) at a nominal value of Rs 1 lakh each to secure the aforementioned capital. Alteria Capital contributed Rs 90 crore ($10.2 million), while InnoVen Capital added Rs 60 crore ($6.8 million). Each debenture features a coupon rate of 13.9% per annum, with a duration of three years, maturing on September 2, 2028.

Rebel Foods chose not to respond to inquiries from Startup Superb.

Growth and Expansion of Rebel Foods

Established in 2011, Rebel Foods began as a quick-service restaurant and has since transformed into one of the largest cloud kitchen operators. The company operates over 450 kitchens across various regions, including India, the MENA region, Indonesia, the UK, and in 75 cities throughout India. The brand portfolio includes notable names such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy’s, among others.

Recent Innovations and Financial Performance

This February, Rebel Foods introduced its new 15-minute food delivery app, QuickiES. The Mumbai-based enterprise has raised roughly $780 million to date, which includes a $210 million Series G round led by Temasek, comprising both primary and secondary investments.

Rebel Foods witnessed a rise in operational revenue to Rs 1,420 crore in FY24, up from Rs 1,195 crore in FY23. Additionally, during the same time frame, the company managed to reduce its losses by over 42%, bringing them down to Rs 378 crore. The firm faces competition from various players in the market, including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.