Rebel Foods FY24: Net Loss Nearly Halves To INR 378 Cr, Revenue Up 19% YoY

Cloud kitchen unicorn Rebel Foods narrowed its net loss by 42% to INR 378.2 Cr in the fiscal year 2023-24 (FY24) from INR 656.5 Cr in the previous fiscal year.

The Faasos-parent trimmed its loss on the back of an increase in its top line and controlled expenses. Rebel Foods’ operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23.

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods owns and operates multiple quick service restaurant (QSR) brands like Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, among others. 

The startup primarily earns revenue from the sale of food items through its own cloud kitchens as well as those owned by third parties. It also earns via delivery charges and royalties through partnerships with other partners.

Rebel Foods’ revenue from the sale of food items stood at INR 1,373.7 Cr in FY24 while its revenue from services, which included commission and storage income and franchise income, stood at INR 31 Cr.

The startup operates over 450 kitchens spanning 80 cities in India. It is also present in the United Arab Emirates (UAE), Saudi Arabia, and the UK.

In May, the cloud kitchen startup secured INR 110 Cr in debt from Alteria Capital and InnoVen Capital. While Alteria pumped in INR 65 Cr, InnoVen invested INR 45 Cr in the debt round.

Zooming Into Rebel Foods’ Expenses

In FY24, Rebel Foods saw a mere 1.6% increase in its total expenses to INR 1,857 Cr from INR 1,827 Cr in the previous fiscal year. 

Here is a breakdown of some of the key expenditures incurred by the company during the fiscal: 

Cost Of Materials Consumed: Even though this was the biggest cost for the company, the expenses under this head rose only 5.8% to INR 613.3 Cr in FY24 from INR 577.5 Cr in FY23. 

Employee Benefit Expenses: Employee-related costs declined 2.6% to INR 394.9 Cr during the year under review from INR 405.5 Cr in FY23. 

Brokerages & Commissions: The startup spent INR 229.9 Cr on brokerages and commissions in the year ended March 2024 as against INR 163.3 Cr in the previous fiscal. However, it did not give any further details about these expenses. 

Advertising & Promotional Expenses: The foodtech unicorn spent nearly INR 133.7 Cr towards advertising, publicity and sales promotions in FY24, down 32% from INR 197.9 Cr in FY23. 

Legal Professional Costs: Expenses incurred under this bucket fell nearly 20% YoY to INR 19.3 Cr during the year under review from INR 24 Cr in FY23. 

Backed by the likes of Peak XV Partners, Coatue and Lightbox, Rebel Foods has raised more than $549 Mn in funding to date.

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