Rebel Foods Raises INR 150 Cr in Debt Funding from Alteria and InnoVen Alteria Capital invested INR 90 crore while InnoVen Capital put in INR 60 crore.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Foodtech unicorn Rebel Foods has secured INR 150 crore in debt financing from its existing investors Alteria Capital and InnoVen Capital. The move comes a few months after the company received USD 25 million from the Qatar Investment Authority.
According to filings with the Registrar of Companies, the board of Rebel Foods approved the issuance of 15,000 non-convertible debentures at a face value of INR 1 lakh each to mobilize the funds.
Alteria Capital invested INR 90 crore while InnoVen Capital put in INR 60 crore. Each debenture carries a coupon rate of 13.9 percent per annum and has a three-year tenure, maturing on September 2, 2028.
Founded in 2011 as a quick-service restaurant, Rebel Foods has expanded into one of the largest operators in the cloud kitchen space. The company runs more than 450 kitchens across India, the Middle East and North Africa, Indonesia, and the United Kingdom, serving 75 Indian cities. Its portfolio includes brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy's.
Earlier this year, Rebel Foods launched its 15-minute delivery application, QuickiES, signaling an effort to tap into faster delivery formats. The Mumbai-based firm has raised about USD 780 million to date, including a USD 210 million Series G round led by Temasek that combined primary and secondary capital.
For the financial year ending March 2024, the company reported revenue from operations of INR 1,420 crore, up from INR 1,195 crore in the previous year. Net losses narrowed by more than 42 percent to INR 378 crore.
Rebel Foods faces competition from Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.
