INDIA – Rebel Foods, which owns and operates multi-brand cloud kitchen platforms, has raised US$125 million (Rs 864 crore) in its Serieds D funding round led by New York-based technology-focused hedge fund Coatue Management.
The funding round, which is reported to have valued the nine-year old company at US$500-525 million, also saw capital injection by Indonesian ride-hailing firm Go-Jek and Goldman Sachs.
Rebel, which currently has about 200 cloud kitchens spread across 15 cities in the country operates nine in-house brands such as Faasos, Behrouz Biriyani, Oven Story, Firangi Bake and Mandarin Oak.
According to the company’s chief executive, Jaydeep Barman, Rebel will be investing another US$30-40 million in infrastructure, expansion and automation, while also doubling down on its in-house brands.
report by Bloomberg indicates that the company will in the coming 18 months build
100 Indonesian cloud kitchens dishing out biryani, pizza, Chinese food and
local fave Nasi Goreng through a partnership with Gojek.
A US$5 million investment in Rebel Foods by Go-Jek, through its investment arm Go Ventures, last month is believed to have been part of a partnership that could see Rebel Foods expand in the country.
The development comes even as the company has begun to expand overseas, in markets such as in the United Arab Emirates , where it plans to open 20 kitchens by year-end.
Coatue Management, which manages assets of about US$16 billion, is investing about US$70 million for a 14.07% stake in Rebel Foods, according to report by ET Retail.
“Cloud kitchens are red hot because they add a fast-delivery layer on top of restaurant brands, allowing them to scale quickly,” says G.V Ravishankar, the Bangalore-based managing director of Sequoia Capital India.
He says Rebel Foods is well positioned because young diners in India and beyond are eager to try new foods and flavors.
Rebel Foods says its 235 kitchens in 20 cities, Most are located in industrial complexes, produce 2 million orders a month
Earlier known as Faasos Food Services Pvt. Ltd, the company, which was founded by Jaydeep Barman and Kallol Banerjee in 2010, rebranded its parent entity to Rebel Foods Pvt. Ltd in 2018 and now prides as the worlds largest Internet restaurant company.