Sequoia-backed Rebel Foods eyes $1b valuation in new funding: Report

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Rebel Foods, best known for its cloud-kitchen brands Faasos, Behrouz Biryani, and Oven Story Pizza, is looking to raise a fresh funding round of $100-150 million at a valuation of $1 billion, The Times of India reported.

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 about six months ago. Earlier this month, the company had also raised Rs35 crore in debt funding from venture debt fund Alteria Capital.

One of its existing backers, US-based Coatue Management, is expected to invest about $50 million in the new round, while new and other existing investors are likely to contribute the rest, the report added.

Japan’s SoftBank has also shown interest in the company.

“There has been inbound interest over the last few months to invest in the company, which has prompted Rebel to raise the new round,” the report said quoting a source. The contours of the deal are still being discussed.

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.

It competes with the likes of Lightspeed-backed Freshmenu,  InnerChef India Pvt. Ltd, Mumbai-based Scootsy (owned by Swiggy), and Hyderabad-based TinMen.

 

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.