Foodtech Rebel Foods Joins Unicorn Club With $175 Mn Fundraise; Eyes IPO in 18-24 Months

With the edifice and food retail trade-in Asian countries scrambling to recover post-pandemic, the food delivery and collector focus have squarely been on cloud kitchens. Foodtech Rebel Foods, which has 450+ kitchens & 4K+ web restaurants globally across 60+ cities in ten countries, has entered India’s imaginary creature club when raising $175 Mn during a Series F funding spherical.

The funding spherical has been LED by Qatar Investment Authority (QI) and can be used for growing Rebel Foods’ international footprint, technology, and whole acquisitions amid the resuscitating trade.

Apart from QI, the sovereign wealth fund of the State of Qatar, existing investors Coatue and Evolvence additionally participated within the spherical taking the startup’s valuation to $1.4 Bn.

Founded in 2011 by Jaydeep barkeep and Kallol Banerjee, Rebel Foods is parent to brands like Faasos, Behrouz Biryani, Ovenstory pizza pie, Mandarin Oak, the nice Bowl, dispatch low, Sweet Truth, Wendy’s among others.

It operates multiple quick-service food brands severally, facilitating deliveries through its app or through online food delivery platforms like Zomato and Swiggy. The startup generates five-hundredths of its demands through Zomato and Swiggy.

It claims to be moving towards profit with annual run rate (ARR) sales of $150 Mn, growing 100 percent year-on-year (y-o-y). it's any eyeing Associate in Nursing initial offering within the next 18-24 months.

In FY20, ending in March last year, Rebel Foods’ revenue grew by eighty-four year-on-year (YoY) to Bureau of Intelligence and Research 572 metallic element, however, its expenses shot up by 128% leading to internet loss growing 229% to Bureau of Intelligence and Research 431 metallic element within the year from Bureau of Intelligence and Research 131 metallic element within the previous financial.

The startup earns its operating revenue from the sale of food products and financial gain from creating home deliveries for orders received through its online portals.

Speaking of the funding, Ravi Golani, chief strategy officer, Rebel Foods declared that the food tech area has evolved towards personalization, innovation, and transparency that the startup continues to pioneer.

“We area unit excited to welcome QI, which encompasses a chronicle of being a long subsidiary capitalist. With this spherical of funding, we are going to still serve newer client food missions supercharged by technology and automation,” he added.

A report by Google and Boston Consulting cluster (BCG) showed that India’s online food ordering market is anticipated to grow at a compound annual rate of 25-30% to touch $7.5 Bn – $8 Bn by 2022.