Rebel Foods Secures $12.5 Mn Debt Funding From Innoven, Trifecta

SUMMARY

Rebel Foods has reportedly issued 10K Series E non-convertible debentures to Innoven and Trifecta at INR 1 Lakh apiece

The development came a few months after Inc42 reported that Rebel Foods introduced a $10 Mn ESOP liquidation programme for 150 current and former employees

In January, Rebel Foods acquired more than 50% stake in D2C startup SMOOR

Foodtech unicorn Rebel Foods has raised $12.5 Mn (INR 100 Cr) in a debt funding round from InnoVen Capital and Trifecta Capital.

For the same, the unicorn has issued 10K Series E non-convertible debentures to Innoven and Trifecta at a price of INR 1 Lakh apiece. Both investors have infused INR 50 Cr each in the cloud kitchen startup.

The development has come a few months after Inc42 reported that Rebel Foods introduced a $10 Mn ESOP liquidation program for 150 current as well as former employees.

Set up in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates 45 cloud kitchens including Faasos, Behrouz Biryani, The Good Bowl, Sweet Truth, Ovenstory Pizza and Mandarin Oak, among others.

In April, Rebel Food said that it aims to add about 50 food categories such as North Indian, South Indian, Indian sweets, and sandwiches, among others in the next few years.

In January, Rebel Foods acquired over 50% stake in D2C startup SMOOR to strengthen its portfolio companies. Post this transaction, SMOOR’s valuation climbed up to $50 Mn.

In 2021, Rebel Foods said that it earmarked $150 Mn in brand investments and acquisitions in India and across the globe. During the same timeframe, it claimed to be operating over 450 kitchens across 70+ cities in India.

Besides, the foodtech unicorn also operates in various countries including India, Indonesia, UAE, the UK, Singapore, and Bangladesh, among others.

In the previous year, it secured $175 Mn in its Series F fundraising round thereby, entering the much-celebrated unicorn club. Post the transaction, its valuation climbed up to $1.4 Bn.

It counts Qatar Investment Authority (QIA), Coatue, Evolvence, Alteria Capital, Alimco Financial, Sequoia Capital India, Goldman Sachs and Acernis Ventures, among others as its investors.

In the financial year 2020-21, its revenue grew by 84% year-on-year (YoY) to INR 572 Cr. Meanwhile, its loss widened by 229% to INR 431 Cr in FY 2020-21 as compared to INR 131 Cr in the previous fiscal year (FY2021-22).

In the cloud kitchen sector, it competes with the likes of Curefoods, which operates 150+ cloud kitchens across India.

According to a report, India’s foodtech market is set to become INR 1,868.19 Bn by 2025. The industry will expand at a compound annual growth rate (CAGR) of 39% during the 2021- 25 period.

The development was first reported by Entrackr