Rebel Foods, best known for its cloud-kitchen brands Faasos, Behrouz Biryani, and Oven Story Pizza, has mopped up about $47 million (Rs 359.72 crore) in fresh funding from existing investor US-based Coatue Management.
According to the latest filings available with the Registrar of Companies (RoC) sourced by Paper.vc, Rebel Foods has issued 5,627 Series E1 cumulative compulsorily convertible preference shares (CCCPS) to Coatue PE Asia, each at a premium of Rs 6.39-6.74 lakh to raise the aforesaid amount.
The latest infusion has valued Rebel Foods at over $700 million, per an Entrackr report. The company will utilise the proceeds to fund expansion and growth.
The funding comes at a time when the food services industry globally has been adversely affected with COVID-19 outbreak. The food services business in India is pegged at Rs 4,23,865 crore and employs more than 700,000 people, according to the National Restaurant Association of India (NRAI). The industry body is expecting its 500,000 members to lose up to Rs 80,000 crore in 2020 as health scare would resist people from eating out.
Rebel Foods was incorporated as Faasos Food Services Pvt. Ltd. in 2011 by Jaydeep Barman and Kallol Banerjee. It was rebranded in October 2018. The company runs about 325 internet kitchens in India and has recently expanded abroad, with operations in Indonesia, Dubai and the UK.
The Indian foodtech startup had attained a valuation of over $500 million when it raised $125 million from Goldman Sachs, Sequoia Capital, and Indonesia’s Gojek and others in August last year. The company had also raised Rs35 crore in debt funding from venture debt fund Alteria Capital this February.
The company had been reportedly looking to raise a total of $100-150 million at a valuation of $1 billion.
It competes with the likes of Lightspeed-backed Freshmenu, InnerChef India Pvt. Ltd, Mumbai-based Scootsy (owned by Swiggy), and Hyderabad-based TinMen.
