Rebel Foods Raises $13 Mn Debt From Alteria, InnoVen

Cloud kitchen unicorn Rebel Foods has raised INR 110 Cr ($13.2 Mn) in a debt funding from Alteria Capital and InnoVen Capital.

As per filings with the Registrar of Companies (RoC), the board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures at a face value of INR 1 Lakh per debenture to raise INR 110 Cr.

Alteria Capital Fund II has invested INR 30 Cr while Alteria Capital Fund III has infused INR 35 Cr into the round. The funds have invested via Orbis Trusteeship. 

On the other hand, InnoVen Capital India Fund has invested INR 45 Cr in the debt round via Vistra ITCL.

The development was first reported by reported by Entrackr.

Rebel Foods earlier secured INR 75 Cr ($9.1 Mn) in its previous debt funding round from Northern Arc and Stride Ventures in April last year. Prior to that, in 2022, it raised INR 55 Cr ($6.6 Mn) in debt funding from InnoVen Capital and Trifecta Capital.

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods houses leading QSR chains, including Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. The startup operates over 450 kitchens across 80 cities.

Besides India, its brands also have presence in the United Arab Emirates (UAE), Saudi Arabia, and the UK.

Recently, Rebel Foods joined the open network for digital commerce (ONDC) to step up its direct-to-consumer (D2C) offerings across the country.

Rebel Foods reported an operating revenue of INR 1,195.2 Cr in FY23, which grew 39% year-on-year (YoY). However, its loss widened by 23% YoY to INR 656.5 Cr in FY23 in the fiscal year.

In an organisational restructuring effort, the startup fired about 2% of its workforce in early 2023.