Rebel Foods Raises $210 Mn From Temasek To Boost Its Brands Portfolio

Cloud kitchen unicorn Rebel Foods has secured Series G funding of $210 Mn led by Temasek, along with participation from existing investor Evolvence in a mix of primary and secondary share sales.

The company aims to deploy the fresh proceeds to expand its footprint and portfolio of brands. 

Rebel Foods’ cofounder and CEO Jaydeep Barman, said, “This funding reinforces our vision to keep strengthening our platform thereby enhancing our portfolio of brands, scale our omnichannel presence, and drive operational excellence globally.”

Avendus Capital acted as the exclusive financial advisor to Rebel Foods on this transaction.

Earlier this year, reports said that Temasek was looking to acquire a significant stake in Rebel Foods via a mix of primary equity infusion and secondary share sale. It was then stipulated that post-transaction Temasek would emerge as Rebel Foods’ largest shareholder. 

Notably, Rebel Foods is mulling a public listing within the next 12-18 months. 

Founded in 2011 by Kallol Banerjee and Barman, Rebel Foods operates multiple quick-service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, and Wendy’s.

The startup primarily generates revenue through the sale of food items via its own cloud kitchens and third-party kitchens. It also earns from delivery charges and royalties through partnerships.

Rebel Foods managed to narrow 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 on the back of an increase in its top line and controlled expenses. Operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23.