[Funding alert] Rebel Foods enters unicorn club after raising $175M at $1.4B valuation

Cloud kitchen startup Rebel Foods is the latest entrant to the unicorn club following a $175 million Series F funding round led by Qatar Investment Authority (QIA), with participation from existing investors Coatue and Evolvence, at a valuation of $1.4 billion.

Rebel Foods operates over 450 kitchens globally across 60-plus cities in over 10 countries, with key brands such as Faasos, Behrouz Biryani, and Ovenstory Pizza.

Speaking about the funding, Ravi Golani, Chief Strategy Officer at Rebel Foods said in a statement, “The foodtech space has evolved towards better personalisation, innovation, and complete transparency — which Rebel Foods continues to pioneer. We are excited to welcome QIA, which has a track record of being a long-term supportive investor. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation.”

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Rebel Foods said that it is steadily moving towards profitability, with an annual run rate sales of $150 million, growing 100 percent annually. It is also eyeing an IPO in the next 18-24 months.

The company was founded in 2011 by Jaydeep Barman and Kallol Banerjee.

Piyush Kakkad, Chief Financial Officer, Rebel Foods added, “While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way. This round of funding will be re-invested in building our technology, increasing our global presence, and also acquiring new brands.”

Outside of India, Rebel Foods has presence in — Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, the Philippines, and Bangladesh.

With the fundraise, Rebel Foods said it will continue to focus on growing its international footprint, improve its technology, and focus on brand acquisitions.

According to the new unicorn, the internet restaurant space globally had already been witnessing momentum even before the pandemic hit due to the inherent advantages of cost and scalability compared to brick-and-mortar restaurants. The past year has only accelerated the trend, with a greater portion of dining businesses now transitioning to delivery.

Rebel Foods has become the 31st unicorn to emerge from the Indian startup ecosystem this year, and the month of October has already three startups crossing the billion-dollar valuation mark.