IPO-Bound Rebel Foods Nets $25 Mn From QIA

SUMMARY

Sources confirmed that the funding was raised at a valuation of $1.4 Bn

With the freshly raised capital, Rebel Foods aims to expand its physical restaurants and food courts business

Recently, Rebel Foods forayed into the 15-minute food delivery segment with the launch of ‘QuickiES’ in February

Cloud kitchen startup Rebel Foods, which is gearing up for a public-market listing in 2025-26, has reportedly secured $25 Mn (around INR 212.71 Cr) from Qatar Investment Authority.

A Mint report, citing sources, said that the funding was raised at a valuation of $1.4 Bn.

With the freshly raised capital, Rebel Foods aims to expand its physical restaurants and food courts business.

Inc42 has reached out to Rebel Foods for comments on the development. The story will be updated based on the response.

“The company wants to start some key restaurants and food courts where their branded food items can be sold and dined in. They now want to have an omnichannel approach. This is likely to challenge any incoming competition from newer players and quick commerce majors,” a source told Mint.

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods began as a delivery-only company with a single brand Faasos. Now, it owns and operates multiple quick service restaurant (QSR) brands such as Behrouz Biryani, Mandarin Oak, Oven Story Pizza, Sweet Truth, LunchBox, The Good Bowl, Firangi Bake, the Biryani Life and Wendy’s.

The startup has raised $773 in total funding to date and counts the likes of KKR, Temasek, Lightbox, and Evolvence among its investors.

The development comes at the heart of its foray into the 15-minute food delivery segment with the launch of ‘QuickiES’ in February.

With quick commerce remaining one of the fastest growing sectors, new players have been emerging in the market to offer daily essentials, electronics, home appliances, medicines, among others at challenging delivery timelines.

As per a report by Statista, India’s quick commerce market volume is expected to reach the $9.95 Bn mark by 2029.

Additionally, quick delivery of food is evidently another growing trend among the established foodtech platforms with their individual apps such as Zepto Cafe, Blinkit Bistro and Swiggy SNACC to retain their market share.

A few weeks ago, Rebels Foods’ chief executive Ankush Grover revealed the brand operates 350 kitchens across 70 cities in India, serving around 2.5 Lakh orders daily. It employs around 8K to 9K people and has expanded internationally with 15 kitchens in Dubai and a dozen in the UK.