Cloud kitchen brand Rebel Foods has raised a $175 million Series F funding round led by Qatar Investment Authority (QIA), with participation from existing investors Coatue and Evolvence, at a valuation of $1.4 billion
With the fresh round of funding, Rebel Foods became the 31st unicorn to join the coveted unicorn club this year and the first from the food-tech ecosystem. On 6th October, CoinSwitch’s Kuber ( crypto exchange) entered the Unicorn club following a $250million fundraise. Apart from these two Fresh meat and seafood brands Licious also made entry into the coveted club this month.
The funds raised will be utilised in building technology and increasing global presence. In addition, it also plans to acquire new brands.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee. The startup is moving towards profits, with an annual rate sale of $150 million, growing 100% YoY. It is also looking forward to an IPO in the coming 18-24 months.
The start-up owns food brands such as Faasos, Behrouz Biryani and Ovenstory Pizza, operates over 450 kitchens worldwide across 60+ cities in more than 10 countries which include— Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, the Philippines, and Bangladesh.
Ravi Golani, Chief Strategy Officer of Rebel Foods said, “The food-tech space has evolved towards better personalisation, innovation, and complete transparency — which Rebel Foods continues to pioneer. We are excited to welcome QIA, which has a track record of being a long-term supportive investor. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation.”
Piyush Kakkad, Chief Financial Officer of Rebel Foods said, “While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way. This round of funding will be re-invested in building our technology, increasing our global presence, and also acquiring new brands.”