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.
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.