Food Rebellion Secures INR 150 Crore in Debt Financing from Alteria and InnoVen
In a significant move for the foodtech industry, Rebel Foods, an international franchise and a unicorn operating in the sector, has secured INR 150 crore in debt financing. This financing round, which occurred a few months after the company received USD 25 million from the Qatar Investment Authority, was mobilized through the issuance of 15,000 non-convertible debentures, each with a face value of INR 1 lakh.
The financing event took place with Rebel Foods, a company based in India, and was approved by the board of the Mumbai-based firm. The financing was provided by existing investors Alteria Capital and InnoVen Capital, with Alteria Capital investing INR 90 crore, and InnoVen Capital putting in INR 60 crore in the latest financing round.
The tenure of each debenture is three years, maturing on September 2, 2028, and each debenture carries a coupon rate of 13.9 percent per annum. This financing is not related to equity, as it involves debt securities.
Rebel Foods, founded in 2011, has expanded into one of the largest operators in the cloud kitchen space. Its portfolio includes brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy's. Earlier this year, the company launched its 15-minute delivery application, QuickiES.
The company runs more than 450 kitchens across India, the Middle East and North Africa, Indonesia, and the United Kingdom, serving 75 Indian cities. For the financial year ending March 2024, the company reported revenue from operations of INR 1,420 crore, up from INR 1,195 crore in the previous year.
Despite the significant growth, Rebel Foods faces competition from several players in the market, including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods. However, the company's strategic expansion and innovative offerings continue to set it apart in the crowded foodtech landscape.
Notably, the company's net losses narrowed by more than 42 percent to INR 378 crore for the same period, indicating a positive trend in its financial performance. As Rebel Foods continues to grow and innovate, it is poised to make a significant impact in the global foodtech industry.
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