[Funding alert] Faasos' parent Rebel Foods raises venture debt of Rs 35 Cr led by Alteria Capital
Rebel Foods, the company that runs Faasos, Behrouz Biryani, and Oven Story, has raised additional venture debt of Rs 35 crore led by Alteria Capital.
Mumbai-based cloud kitchen startup Rebel Foods has raised additional venture debt of Rs 35 crore led by debt funding firm Alteria Capital. With this, the total debt funding raised by the startup is at Rs 85 crore.
The startup had also raised equity capital of $125 million by Goldman Sachs and Coatue. Rebel Foods was then valued at $500 million.
Speaking on the investment from Alteria, Jaydeep Barman, Co Founder and CEO of Rebel Foods, said:
“Alteria has been a tremendous partner in our journey of disrupting F&B on a global scale. Much of our investments go into building state-of-the-art/automated kitchens, and venture debt raised by us from Alteria helped us keep our cost of capital lower than equity raise. It has given us a significantly longer runway on our equity funding."
Southeast Asia’s leading ride-hailing major Go-Jek had also infused $5 million (Rs 34.7 crore) in Faasos in July 2019, through its venture capital arm Go Ventures.
Founded by Jaydeep Barman and Kallol Bannerjee in 2010, Rebel Foods has overseas operations in Southeast Asia and Europe. Globally, it runs 325 cloud kitchens.
Vinod Murali, Managing Partner, Alteria Capital, said, “Having known Jaydeep and the team at Rebel for many years now, we have witnessed the phenomenal growth and successful diversification of brands adopted by the company. The overseas strategy is well timed as it allows for better efficiency and the business has a robust Indian base. Alteria believes in doubling down strongly with our founders, and we are excited to work with Rebel with more structured financing solutions as they become one of the largest global food brand companies.”
Alteria Capital has a total corpus of Rs 962 crore. Rebel Foods competes with the likes of Biryani By Kilo, Box8, FreshMenu, UberEats, InnerChef, and foodtech unicorns such as Swiggy and Zomato.
(Edited by Teja Lele Desai)