As per regulatory filings, Rebel Foods issued 7,500 Series F non-convertible debentures at a price of INR 1 Lakh apiece to Northern Arc and Stride Venture
The development comes almost three months after Rebel Foods laid off about 2% of its workforce owing to annual performance evaluation and a realignment within the startup
Rebel Foods entered the coveted unicorn club in 2021 after securing $175 Mn in its Series F funding round at a valuation of $1.4 Bn
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Cloud kitchen unicorn Rebel Foods has secured INR 75 Cr ($9.1 Mn) in a debt funding round from Northern Arc and Stride Ventures.
Catalyst Trusteeship acted as the trustee for the deal.
As per regulatory filings, Rebel Foods issued 7,500 Series F non-convertible debentures at a price of INR 1 Lakh apiece to Northern Arc and Stride Venture. While Northern Arc pumped in INR 25 Cr, Stride Venture invested INR 50 Cr in the startup.
The development comes almost three months after Rebel Foods laid off about 2% of its workforce owing to annual performance evaluation and a realignment within the startup.
Rebel Foods, founded in 2011 by Jaydeep Barman and Kallol Banerjee, is a cloud kitchen platform that operates a slew of brands including Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak and The Good Bowl, among others.
The startup currently has a presence in India, the UK, the UAE, Indonesia, Singapore, and Malaysia. It claims that it operates 450+ dark kitchens across 70 cities in 10 nations.
In 2021, it entered the coveted unicorn club after securing $175 Mn in its Series F funding round at a valuation of $1.4 Bn. The round was led by Qatar Investment Authority, along with Coatue and Evolvence.
In December last year, it received INR 55 Cr in debt funding round from InnoVen Capital and Trifecta Capital. Including this, the startup secured a total of INR 225 Cr funding in 2022 alone.
Further, in 2022, it bought a majority stake in luxury chocolate brand SMOOR for an undisclosed amount. The deal was struck owing to Rebel Foods’ attempt to fortify its position as the ‘Thrasio of food’.
During the same year, Inc42 reported that the unicorn rolled out a $10 Mn ESOP liquidation deal for 150 current and former employees.
In the financial year 2021-22, its losses plunged upward by 55% year-on-year (YoY) to INR 564.4 Cr from INR 364 Cr in the fiscal year (FY21). While, its revenue surged by 2X to INR 907 Cr in FY22 as compared to INR 436.5 Cr during the previous fiscal year (FY21).
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Update|| 28 April 2023, 5.40 PM
The story has been updated to add correct details of Catalyst Trusteeship.
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