Rebel Foods offers ESOPs valued at Rs 550 Cr to kitchen, corporate employees
With this, Rebel Foods has become the first foodtech company in India to distribute its ESOPs at such a wide scale across all levels and regions.
Cloud kitchen startup on Tuesday said it distributed ESOPs to over 5,000 employees in over 350 kitchens and corporate offices. With this round of distribution, the total ESOP value held by the startup employees reaches $65 million (Rs 550 crore).
With this, Rebel Foods has become the first foodtech company in India to distribute its ESOPs at such a wide scale across all levels and regions.
Recently, Rebel Foods also announced its ESOP liquidation programme for existing shareholders for the second year in a row, where it allowed its current and former employees to liquidate their vested options once in a one-year period.
"Through this ESOP programme, we aim to democratise wealth creation for our team and recognise their passion, customer centricity, and performance. We will continue creating similar opportunities in the future while rewarding our employees for their hard work, contribution, and belief in Rebel’s vision and mission," Ankur Sharma, Co-founder of Rebel Foods, said.
The company said the ESOPs will allow for wealth creation among kitchen staff, riders, runners, administrative teams, and corporate staff across India, the UAE, and the UK. "By making employees owners and sharing the Rebel Spirit, the company aims to cultivate a culture of entrepreneurship and empower its workforce for shared success," it said in a press note.
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, the UAE, and the UK.
In April, the company 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.
Edited by Suman Singh