[Funding Alert] Cloud Kitchen Unicorn Rebel Foods Secures $12.5 Mn Debt Funding From Innoven, Trifecta

Rebel Foods

Foodtech Unicorn Rebel Foods has raised $12.5M (INR 100 cr) in a debt funding round from InnoVen Capital and Trifecta Capital.

For the same, the unicorn issued Series E 10K non-convertible bonds for Innoven and Trifecta at INR 1 Lakh each. The two investors put INR 50 cr each in the cloud kitchen startup.

The development comes months after Rebel Foods implemented a $10 million ESOP liquidation program for 150 current and former employees.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates 45 cloud kitchens including Faasos, Behrouz Biryani, The Good Bowl, Sweet Truth, Ovenstory Pizza and Mandarin Oak, among others.
In April, Rebel Food said it plans to add about 50 food categories in the next few years, such as North Indian, South Indian, Indian sweets and sandwiches, among others.

In January, Rebel Foods acquired more than 50% stake in D2C startup SMOOR to strengthen its portfolio of companies. After this transaction, SMOOR’s valuation climbed up to $50 million.

In 2021, Rebel Foods said it has earmarked $150 million for brand investments and acquisitions in India and globally. In the same time frame, it claimed to operate more than 450 kitchens in more than 70 cities in India.

In addition, the food tech unicorn also operates in various countries including India, Indonesia, United Arab Emirates, United Kingdom, Singapore and Bangladesh.

The previous year, it raised $175 million in its Series F fundraising round, joining the much-vaunted unicorn club. After the transaction, its valuation climbed up to 1.4 billion dollars.

Its investors include, among others, Qatar Investment Authority (QIA), Coatue, Evolution, Alteria Capital, Alimco Financial, Sequoia Capital India, Goldman Sachs and Acernis Ventures.

In the financial year 2020-21, its revenue grew by 84% (y-o-y) to INR 572 crore. Meanwhile, its loss widened by 229% to INR 431 crore in FY2020-21 compared to INR 131 crore in the previous fiscal year (FY2021-22).
In the cloud kitchen sector, it competes with Curefoods, which operates more than 150 cloud kitchens across India.

According to the report, India’s food technology market is expected to reach INR 1,868.19 billion by 2025. During 2021-25, the industry will expand at a compound annual growth rate (CAGR) of 39%.

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