Bloomberg
Rebel Foods granted ESOPs to employees of its 350-plus kitchens and corporate offices across India, the UAE, and the United Kingdom
Recently, the unicorn also held a ESOPs liquidation program for existing holders, for the second year in a row
The development comes months after Rebel Foods laid off about 2% of its workforce and within six months of its last fundraise of INR 55 Cr
Foodtech unicorn Rebel Foods on Tuesday (June 6) said that it has granted employee stock ownership plans (ESOPs) to another 5,000 employees of its 350-plus kitchens and corporate offices.
With this, the total value of ESOPs held by the employees of Rebel Foods has now reached $65 Mn (INR 550 Cr), the startup said in a statement.
The development comes months after the startup laid off about 2% of its workforce in January. In December last year, it raised a debt of INR 55 Cr ($6.6 Mn).
The ESOP distribution will allow a chance for wealth creation for those employed as kitchen staff, riders, runners, among others, in India, the UAE, and the United Kingdom, the startup said in the statement.
“Through this ESOP programme, we aim to democratise wealth creation for our team and recognize their passion, customer centricity and performance. We will continue creating similar opportunities in the future while rewarding our employees,” said Ankur Sharma, cofounder of Rebel Foods.
Rebel Foods also said that it recently held a ESOPs liquidation program for existing holders, for the second year in a row. Through the programme, the company’s current and former employees were allowed to liquidate their vested options this year.
Under Rebel Foods’ ESOP program, employees can liquidate their shares once in a year.
“With this ESOPs distribution activity, Rebel Foods became the first foodtech company in India to distribute its ESOPs at such a wide scale across all levels and regions,” the company claimed.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is a cloud kitchen platform that is currently home to over 45 brands in multiple international geographies. Its brands include Behrouz Biryani, Faasos, SLAY Coffee, Mandarin Oak, The Good Bowl, and Ovenstory Pizza, among others.
The startup is backed by investors including Goldman Sachs, Sequoia Capital India, InnoVen Capital, Trifecta Capital, and Qatar Investment Authority (QIA).
In FY22, Rebel Foods’ net loss widened 55% year-on-year (YoY) to INR 564.4 Cr, while its operating revenue jumped 111% to INR 858.6 Cr.
Allotment of ESOPs and buybacks have been on the rise in the Indian startup ecosystem over the last few years, in line with the increase in funding. As per Inc42 data, ESOP buybacks by startups led to Indian employees making over $196 Mn in 2022.
