Rebel Foods raises Rs 75 Cr in debt funding from Northern Arc, Stride Ventures
The funding round is Rebel Foods' fourth debt financing round so far, possibly to finance its working capital requirements.
Cloud kitchen startup has raised Rs 75 crore (~$9.1 million) in debt funding from investors Northern Arc and Stride Ventures. This is the firm's fourth debt financing round so far.
The company raised Rs 55 crore (~$6.6 million) in December last year from Innoven Capital and Trifecta Capital. Previously, it secured Rs 100 crore (~$12.2 million) from the same investors. In total, Rebel has raised more than Rs 4,200 crore ($513 million) in a mix of equity and debt funding so far.
Northern Arc has invested Rs 25 crore in the fresh round, while Stride Ventures has pumped in Rs 75 crore, according to filings with the Ministry of Corporate Affairs (MCA).
Firms generally raise debt funding when they are scaling quickly and burning cash. Rebel's fundraise may be used to fund it's working capital requirements given cloud kitchen businesses can be cash intensive.
Earlier this year, Rebel joined several other internet-led companies by reducing workforce to cut costs amid the tough prevailing macroeconomic environment.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel has a chain of online restaurants with 4,000 cloud kitchens across 45 brands. It operates in India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, and the UK.
Earlier this month, rival raised Rs 300 crore (~$36 million) in a funding round led by Co-founder Binny Bansal's venture capital firm Three State Ventures. The Ankit Nagori-led firm said it will use the new funds to diversify its brands into offline formats and expand its presence in Tier I and Tier II cities in the northern and western parts of India.
Edited by Akanksha Sarma