Sequoia-backed startup Rebel Foods raises Rs 55 Cr debt: Report
Rebel Foods’ board has approved a special resolution to allot 5,500 Series E non-convertible debentures at an issue price of Rs 1,00,000 per debenture.
Sequoia-backed startup has raised about Rs 55 crore ($6.6 million) in a debt round from existing investors. It is the firm’s third debt round this year.
Rebel Foods’ board has approved a special resolution to allot 5,500 Series E non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 55 crore, according to an Entrackr report.
The cloud kitchen brand raised funds from and . Both companies had invested $12.5 million (Rs 100 crore) in a previous debt round in November this year. Rebel Foods had raised a total funding of $513 million prior to the latest debt round, as per Tracxn.
The company has raised a total of Rs 225 crore in three debt rounds this year. Like Rebel Foods, several firms such as , , , , , , , and have raised funds through debt and convertible notes during the ongoing funding winter.
In November, debt financing declined 67.7% month on month to $115.8 million, compared to $358.3 million in October—the highest during 2022, according to YourStory Research data.
In October 2021, Rebel Foods joined the unicorn club after raising $175 million at a $1.4 billion valuation. Subsequently, the company provided $10 million worth of employee stock ownership plan (ESOP) buyback to 150 current and former employees.
In April, Rebel Foods acquired a majority stake in the luxury chocolate brand Smoor. This was in line with its announcement of investing $150 million over the coming years as part of its focus on investing and acquiring promising brands to serve more food categories from its cloud kitchens.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Pune-based Rebel Foods says it has 4,000 cloud kitchens across 45 brands, including Behrouz Biryani, Faasos, and Ovenstory Pizza. It operates in India, the UAE, Indonesia, the UK, Singapore, Malaysia, Thailand, Hong Kong, and Bangladesh, among others.
Edited by Affirunisa Kankudti