Foodtech Unicorn Rebel Foods Earmark $150 Mn For Investments And Acquisitions

Foodtech unicorn Rebel Foods is committing $150 Mn in strategic brand investments and acquisition in India and across the world. The investment pool will be used to scale up existing and new partnerships with Indian and international brands. 

Rebel Foods had entered the unicorn club after raising $175 Mn in a Series F funding round led by Qatar Investment Authority. The sovereign fund of the state of Qatar and existing investors Coatue an Evolvence had also participated in the round that took the startup’s valuation to $1.4 Bn. 

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates more than 450 kitchens and 4000 internet restaurants across 60 cities in 10 countries including India, Indonesia, the United Arab Emirates, the United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines and Bangladesh. 

Some of the brands under its umbrella include SLAY, Naturals Ice Cream, Mad Over Donuts and Wendy’s (India). It operates with a Thrasio-like model, where it acquires upcoming F&B brands and scales them across the country and abroad using its network of cloud kitchens. 

“We have disrupted the centuries-old food business and with our latest round of funding, we are well on our way to continue focusing on serving multiple food missions. Through this initiative, we aim to invest in some of the most loved food brands and help them scale through our extensive network to all parts of the country and even internationally. It’s already happening with SLAY, Wendy’s, Biryani Blues and others,” said Raghav Joshi, cofounder of Rebel Foods. 

According to an Inc42 Plus Report, the addressable market size of cloud kitchens in India will be $1.05 Bn in 2023, growing at a CAGR of 12%. The online food delivery market is expected to grow at 15% to reach $132.6 Bn during the same period.

Last month, Hyderabad-based TTSF Cloud One, a multi-brand cloud kitchen chain from the creators of The ThickShake Factory, had raised $5.3 Mn in a seed funding round led by Brand Capital — the strategic investment arm of the Times of India Group. In a conversation with Inc42, TTSF cofounder Ashwin Mocherla spoke about how the startup also plans to extend operations with a Thrasio-like model. 

Earlier this year, Curefoods, which operates Eat.fit, had acquired seven D2C brands—Masala Box, Paratha Box, CakeZone, Ammi’s biryani, Olio and Crusto’s, and Chaat Street.