India’s Rebel Foods enters unicorn club after raising $175m

Photo by Ke Vin on Unsplash

Cloud kitchen startup Rebel Foods Thursday entered the unicorn club after raising $175 million in its Series F funding round led by sovereign wealth fund Qatar Investment Authority (QIA) at a valuation of $1.4 billion.

The financing also saw participation of existing investors Coatue and Evolvence, the Mumbai-based company said in a statement.

Rebel Foods said that it is moving towards profitability, with an annual run rate sales of $150 million, growing 100 percent year-on-year. It is also eyeing an initial public offering (IPO) in the next 18-24 months.

“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. Rebel Foods is working towards an IPO in the next 18-24 months,” said Piyush Kakkad, chief financial officer, Rebel Foods.

Founded in 2011 by INSEAD alumni Jaydeep Barman and Kallol Banerjee, Rebel Foods has become the 31st unicorn to emerge from the Indian startup ecosystem this year, and the first in the cloud kitchen space. A cloud kitchen restaurant prepares food exclusively for delivery and does not offer dine-in facility.

Rebel Foods operates over 45 brands and 450 kitchens globally across 10 countries — India, Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines and Bangladesh. It also operates over 4,000 internet restaurants.

Goldman Sachs acted as the exclusive financial advisor and Shardul Amarchand Mangaldas acted as the legal advisor to Rebel Foods on this transaction.

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.