Rebel Foods Secures $6.6 Mn Debt Funding From InnoVen, Trifecta Capital

Foodtech unicorn Rebel Foods has reportedly secured INR 55 Cr ($6.6 Mn) in a debt funding round from existing investors InnoVen Capital and Trifecta Capital.

Rebel has allotted 5,500 Series E non-convertible debentures at an issuance price of INR 1,00,000 apiece to investors. InnoVen Capital invested INR 30 Cr while Trifecta Ventures pumped INR 25 Cr in the funding round.

Including the current fundraising, Rebel has cumulatively secured INR 225 Cr as debt funding so far in 2022.

The development comes months after Rebel initiated a $10 Mn employee stock ownership plan (ESOP) for 150 existing and former employees.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, the startup houses 45 cloud kitchen brands such as Faasos, Behrouz Biryani, The Good Bowl, Sweet Truth and Ovenstory Pizza, among others.

Rebel Foods has a presence in India, the UK, the UAE, Indonesia, Singapore, and Malaysia.

In April, it bought a majority stake in D2C chocolate brand SMOOR for an undisclosed amount.

In the financial year 2021-22, its total revenue rose by over 107% to INR 907 Cr from INR 436.5 Cr in the previous financial year (FY21). Meanwhile, its losses soared by 55% to INR 564.4 Cr in FY22 against INR 364 Cr losses incurred in the corresponding period last year.

In December 2021, it earmarked $150 Mn for acquisitions and strategic brand investments in India and across the globe. During the same year, Rebel entered the coveted unicorn club after bagging $175 Mn in a Series F funding round from Qatar Investment Authority, Coatue, Evolvence and State of Qatar.

Its cap table includes Alteria Capital, Alimco Financial, Sequoia Capital India, Goldman Sachs and Acernis Ventures, among others.

In India, it faces competition from food brands including Curefoods that operates more than150 cloud kitchens across the country. 

According to a Research And Markets report, the country’s foodtech sector is projected to cross INR 1,868.19 Bn mark by 2025. The industry will grow at a compound annual growth rate (CAGR) of 39% by the forecasted period (2025). 

The development was first reported by Entrackr

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