Cloud kitchen chain Rebel Foods, which owns brands such as Faaso’s, Behrouz Biryani and Ovenstory Pizza, became the latest unicorn in the country after raising $175 million in a Series F round led by sovereign wealth fund Qatar Investment Authority. With this, Rebel Foods is valued at $1.4 billion. Existing investors Coatue and Evolvence also participated in the round. Rebel Foods said the funding will be used to focus on growing its international footprint, technology and brand acquisitions.
The company has over 45 brands, its own as well as that of its partners operating across ten countries — India, Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines and Bangladesh. According to the company, it runs over 4,000 internet restaurants, and it operates 450+ kitchens globally across more than 60 cities in over 10 countries.
Rebel Foods said it is moving towards profitability with an Annual Run Rate sales of $150 million, which is growing 100% YoY. The company announced that it is eyeing an IPO in the next 18-24 months.
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. We are excited to welcome QIA, which has a track record of being a long-term supportive investor. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation.”
The company’s CFO Piyush Kakkad said that the focus will continue to be on improving customer experience. “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,” he said.
The Hurun Research Institute had recently pegged Rebel Foods as one of the startups to attain unicorn status.