Rebel Foods, a leading cloud kitchen unicorn, has secured 110 Cr ($13.2 Mn) in debt funding from Alteria Capital and InnoVen Capital.
According to documents filed with the Registrar of Companies (RoC), Rebel Foods’ board has approved a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures, each valued at INR 1 Lakh, to raise a total of INR 110 Cr.
Alteria Capital Fund II injected INR 30 Cr, whereas Alteria Capital Fund III contributed INR 35 Cr to the round, both channeled through Orbis Trusteeship.
Continue Exploring: Rebel Foods to boost Oven Story Pizza’s reach with 250+ franchise outlets
Conversely, the InnoVen Capital India Fund has injected INR 45 Cr into the debt round through Vistra ITCL.
Entrackr was the first to report the development.
Previous Funding Rounds
In its previous debt funding round in April last year, Rebel Foods secured INR 75 Cr ($9.1 Mn) from Northern Arc and Stride Ventures. Preceding that, in 2022, it raised INR 55 Cr ($6.6 Mn) in debt funding from InnoVen Capital and Trifecta Capital.
Continue Exploring: Cloud kitchen brand Rebel Foods secures INR 75 crore in debt funding from Northern Arc and Stride Ventures
Established in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods hosts prominent QSR chains such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. The company runs more than 450 kitchens spread across 80 cities.
Apart from India, its brands also have a presence in the United Arab Emirates (UAE), Saudi Arabia, and the UK.
Continue Exploring: Rebel Foods expands to Saudi Arabia, aims for $100 Million food delivery enterprise in three years
Rebel Foods recently became a part of the open network for digital commerce (ONDC) to enhance its direct-to-consumer (D2C) offerings nationwide.
Continue Exploring: Rebel Foods joins ONDC to expand D2C presence and enhance consumer reach
Financial Performance
The company reported an operating revenue of INR 1,195.2 crore in FY23, marking a 39% year-on-year (YoY) increase. However, its losses also grew, widening by 23% YoY to INR 656.5 crore in the same fiscal year.
As part of an organizational restructuring effort, the startup laid off approximately 2% of its workforce in early 2023.
Continue Exploring: Rebel Foods surpasses INR 1,000 Cr operating revenue milestone, reports 39% YoY growth in FY23
