Indian Cloud Kitchen Startup Rebel Foods Gains Unicorn Status With A US$175 Million Funding Round Led By Qatar Investment Authority With the inflow of fresh capital, the Rebel Foods team has been reported to be exploring an initial public offering within the next two years.
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Cloud kitchen operator Rebel Foods has successfully raised US$175 million in a round led by Qatar Investment Authority (QIA), the country's sovereign wealth fund. Previous investors Coatue and Evolvence India also joined the round, as well as Sequoia Capital India and Goldman Sachs Group Inc. (which also acted as the exclusive financial advisor). The Series F round has thus made the Mumbai-based enterprise a unicorn valued at $1.4 billion.
Launched in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods initially started out as Faasos, a chain of quick-service restaurants selling kebab rolls, with an online ordering option. Upon the realization that majority of its orders were online based, the co-founders pivoted their startup to a cloud kitchen business, which prepares a range of cuisines exclusively for delivery.
The enterprise's full-stack technology-enabled platform, Rebel Operating System, is built to disrupt the traditional restaurant business, and its growth trajectory shows that too. Currently, it owns multiple brands across 10 countries, including the UAE, Indonesia, Malaysia, Singapore, and the UK. With over 45 brands and more than 4,000 internet restaurants, the brand also partners with firms such as Wendy's and Mad Over Donuts to exclusively provide delivery-only offers.
Ravi Golani, Chief Strategy Officer at Rebel Foods, stated the team's enthusiasm on welcoming its new investors. "The foodtech space has evolved towards better personalization, innovation, and complete transparency, which Rebel Foods continues to pioneer," he said, in a statement. "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."
With the inflow of fresh capital, the Rebel Foods team has been reported to be exploring an initial public offering within the next two years. Meanwhile, the company is aiming to use its new funds to boost its expansion worldwide, build its technology, and add more brands to its portfolio.
Related: Why 2021 Could See More Startups From The Middle East Become Unicorns
