Rebel Foods, an India-based cloud kitchen startup with brands such as Faasos, Oven Story, Behrouz Biryani, has raised $210 m in its Series G funding round.
The funding comes from a combination of secondary share sales and primary capital.
75% of the round consisted of secondary transactions in which early investors such as Lightbox and Coatue sold shares, as reported by Moneycontrol.
The primary capital raise was spearheaded by Singapore's Temasek, with participation from Evolvence, an existing investor.
The company was quoted by the publication as saying: "The round witnessed certain investors receiving exits, underscoring Rebel Foods' commitment to delivering value to its stakeholders."
In a primary round, funds are directly deposited into the company's bank accounts. In a secondary transaction, shares are transferred between investors, with no money entering the company's coffers.
Rebel Foods co-founder 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.
“As we enter this next phase of growth, we remain steadfast in our commitment to innovation, sustainability and creating lasting value for our customers and stakeholders.”
Avendus Capital served as the financial advisor to the company for the transaction.
The latest funding round follows the company’s strong financial performance. In the fiscal year 2024 (FY24, it reported revenue of $170m, a 19% increase from $144m in FY23.
It also successfully reduced its losses by 42%, from $79m in FY23 to $45m in FY24.
Rebel Foods is focused on strengthening its omnichannel strategy. The company plans to expand its presence with 250 physical outlets to complement its cloud kitchen model, and has considered launching an offline food court in which all nine of its brands will be available under one roof.
Rebel Foods currently operates more than 450 kitchens across 70 cities in India, as well as international markets including the United Arab Emirates and the UK.
Established in 2011 by Jaydeep Barman and Kallol Banerjee, the company has secured more than $710m to date, including the most recent round.
