Pune-based foodtech player Rebel Foods has continued its fundraising activities with the latest Series D infusion from Goldman Sachs and other investors.
According to a Ministry of Corporate Affairs filings accessed by Inc42, the company in a resolution dated September 17 has allotted Series D CCPS and equity shares to multiple investors. While CCPS allotment has been done at a nominal value of INR 1000 with a premium of INR 4,94,392.27 per share and equity allotment has been done at a nominal value of INR 10 and a premium of INR 4,94,392.27 per share.
The allotments have been made to:
- Goldman Sachs Asia Strategic Pte Ltd with 3411 Series D3 CCPS and 10 equity shares worth INR 169.13 Cr
- Irving Investors Privates X Ltd with 210 Series D3 CCPS and 10 equity shares worth INR 108.9 Cr
- Arvind Bhaskar with 23 Series D3 CCPS and 1 equity shares worth INR 1.17 Cr
- Dan Jacob with 23 Series D3 CCPS and 1 equity share worth INR 1.17 Cr
- Christopher Golder with 11 Series D3 CCPS and 1 equity share worth INR 54.3 Lakh
Post investment, Goldman Sachs will have 4.74% stake in the company while Sistema will hold 1.74%. Earlier this year, Go-Jek’s VC arm, Go Ventures invested $5 Mn in the ongoing Series D round and this month, it floated an offer to raise $73 Mn from Coatue Management. So far, the company has raised $20.9 Mn in its ongoing Series D round, which saw the participation of its existing investors such as Lightbox, Sequoia, and Evolvence.
Rebel Foods, Cloud Kitchens On The Rise
Founded by Jaydeep Barman and Kallol Banerjee, Rebel Foods is a multi-brand cloud kitchen operator which sells its products via food delivery companies like Swiggy and Zomato as well as independently through its app. Rebel Foods has nine in-house brands including Faasos, Oven Story, Firangi Bake and Mandarin Oak. The company currently has 175 cloud kitchens across 12 cities in India and receives almost 30K daily orders.
With the Series D funds, Rebel Foods was expected to expand its network of kitchens from 200 to 500 and expand to Dubai and Indonesia, before expanding to other countries in Southeast Asia. Further, it may also invest in automation and robotics, which will help reduce manual labour in its kitchens.
In FY18, the company delivered the same kitchen sales-growth of 75% compared to the industry average of 10% to 15% in terms of same-store sales growth. According to industry estimates, it generates about 60% of its demand via online food ordering majors – Swiggy, Zomato and UberEats.