India: Rebel Foods secures $4.9m debt funding from Alteria Capital

Faasos founders Jaydeep Barman, right, and Kallol Banerjee.

Rebel Foods, best known for its cloud-kitchen brands Faasos and Behrouz Biryani, on Wednesday said it has raised ₹35 crore in debt from venture debt fund Alteria Capital.

Founded by Jaydeep Barman and Kallol Bannerjee, Rebel Foods runs 325 internet kitchens in India and has recently expanded abroad, with operations in Indonesia, Dubai and the UK.

“Alteria has been a tremendous partner in our journey of disrupting F&B on a global scale. Much of our investments go into building state-of-the-art automated kitchens and the venture debt raised by us from Alteria helped us keep our cost of capital lower than equity raise. It has given us a significantly longer runway on our equity funding,” CEO Barman said in a statement.

Alteria is investing from its ₹960 crore first fund, and its portfolio includes scooter rental startup Vogo, generic drugs retailer Generico and hyperlocal on-demand delivery firm Dunzo, among others.

Venture debt as an asset class has risen sharply in the last few years, with companies using debt to buy assets, dilute less equity, create a longer runway etc.

“Having known Jaydeep and the team at Rebel for many years now, we have witnessed the phenomenal growth as well as successful diversification of brands adopted by the company. The overseas strategy is well timed as it allows for better efficiency and the business has a robust Indian base,” said Vinod Murali, managing partner at Alteria.

Rebel is currently valued at about $500 million, having last raised $120 million in equity in 2019. Its investors include hedge fund Coatue Management, Goldman Sachs and Sequoia Capital, among others.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.