[Funding alert] Go-Jek invests Rs 34.7 Cr in Faasos' parent Rebel Foods
Indonesia’s Go-Jek has invested Rs 34.7 crore in the ongoing Series D round of Pune-based cloud kitchen startup Rebel Foods, which operates the Faasos brand. Southeast Asia’s leading ride-hailing major made this investment through its venture capital arm Go Ventures.
Go Ventures has acquired 667 Series D2 CCPS and 100 equity shares in Rebel Foods, according to the RoC filings accessed by YourStory.
In March 2019, the company secured Rs 110 crore ($15.8 million) as part of its Series D round from venture capital firm Sequoia Capital India, Lightbox Ventures, and Evolvence India Fund.
The startup had also received $4.2 million from venture debt fund Alteria Capital in January this year.
The Faasos team.
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.
It started out as a quick-service restaurant (QSR) and is now a multi-brand cloud kitchen model that has established brands like Faasos, Oven Story, Firangi Bake, Mandarin Oak, Kettle & Eggs, and Behrouz under Rebel Foods.
In the last two years, the company has opened 1,100+ internet restaurants in India across nine brands in more than 15 Indian cities.
Rebel Foods competes with the likes of Biryani By Kilo, Box8, FreshMenu, UberEats and foodtech unicorns such as Swiggy and Zomato.
In January, FreshMenu raised $2.94 million (approximately Rs 21 crore) in a round led by Lightspeed Venture Partners. Existing investors Zodius Technology Fund, and K Ganesh's fund GrowthStory had also participated in the round.
According to media reports, hospitality unicorn OYO is also trying expansion in the cloud kitchen space with the acquisition of FreshMenu. Last month, IvyCap Ventures led a Series A funding of $5 million in Biryani delivery startup Biryani By Kilo (BBK).
In April 2019, GoVentures also led a $35.5 million in Series A funding round of a Bengaluru-based e-sports startup Mobile Premier League (MPL), along with Sequoia India and Times Internet.
(Edited by Saheli Sen Gupta)