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Cloud kitchen giant Rebel Foods has secured ₹150 crore (approximately $17 million) in debt funding from existing investors Alteria Capital and InnoVen Capital, marking its latest capital infusion amidst ongoing expansion efforts.
Regulatory filings with the Registrar of Companies (RoC) reveal that Rebel Foods’ board has approved the issuance of 15,000 non-convertible debentures (NCDs) at a face value of ₹1 lakh each. Alteria Capital has contributed ₹90 crore ($10.2 million), while InnoVen Capital has invested ₹60 crore ($6.8 million). The debentures carry an annual coupon rate of 13.9% and will mature on September 2, 2028.
This debt round follows closely on the heels of a $25 million equity investment from the Qatar Investment Authority earlier this year, underscoring continued investor confidence in the company’s growth trajectory.
Founded in 2011, Rebel Foods has evolved from a single-brand QSR into one of the world’s largest cloud kitchen networks. Operating over 450 kitchens across India, the Middle East, North Africa, Indonesia, and the UK, the company manages a portfolio of well-known brands including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy’s.
In a bid to diversify, Rebel Foods recently launched QuickiES, a 15-minute food delivery app aimed at tapping into India’s fast-growing quick-commerce market.
To date, the Mumbai-based startup has raised nearly $780 million in funding. Its $210 million Series G round, led by Singapore’s Temasek, included both primary and secondary transactions.
On the financial front, Rebel Foods reported a revenue of ₹1,420 crore in FY24, up from ₹1,195 crore the previous fiscal year. It also managed to slash its losses by more than 42%, reducing them to ₹378 crore.
In the competitive cloud kitchen landscape, Rebel Foods faces off against players like Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.
