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Rebel Foods, which operates a network of cloud kitchens under brands such as Behrouz Biryani and Faasos, has raised $175 million in a round led by Qatar Investment Authority (QIA), the country’s sovereign wealth fund. Existing partners Coatue and Evolvence also participated in this round. With the latest funding round, the company joins the unicorn club with a valuation of $1.4 billion.
Rebel Foods said it is working towards an IPO in the next 18-24 months and with the latest round of funds will continue to focus on growing its international footprint, technology and brand acquisitions.
Piyush Kakkad, Chief Financial Officer, Rebel Foods, said, “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.”
The company said it is moving towards profitability with annual run rate sales of $150 million, growing at 100 per cent year-on-year. The company currently operates over 450 cloud kitchens across more than 60 cities in 10 countries, including the UAE, UK, Singapore, Thailand, India and Hong Kong.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods has, over the years, built brands such as Faasos, Behrouz Biryani, Ovenstory Pizza and Mandarin Oak. Last year, it announced plans to open 250 cloud kitchens under American fast-food brand Wendy’s.in the country.
Ravi Golani, Chief Strategy Officer, Rebel Foods, said, “The food-tech space has evolved towards better personalisation, innovation, and complete transparency which Rebel Foods continues to pioneer. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation.”
Post the pandemic, the cloud kitchen segment has witnessed strong growth momentum as consumers increasingly turn to food delivery services.
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