Cloud kitchen operator Rebel Foods narrows losses by 40% in FY24 as topline grows
Rebel Foods, which has raised multiple rounds of debt financing, earns money through the sale of food via its owned stores and kitchens.
Cloud kitchen operator Rebel Foods narrowed its after-tax losses by 40% to Rs 378 crore in the financial year ended FY24 compared to Rs 656 crore a year ago, according to filings made with the Registrar Of Companies.
Rebel Foods, previously known as Faasos, clocked a 19% increase in operating revenue to Rs 1,420 crore as compared to Rs 1,195 crore it posted a year earlier. Its core business—food sales—accounted for 96.7% of its total revenues contributing Rs 1,373 crore in the year ended March 31, 2024.
It clocked a marginal rise in its total expenses, as it tried to improve its bottom line. The increase in total expenses was driven by finance costs and costs of material consumed.
Rebel Foods, which runs Oven Story, Behrouz Biryani, Sweet Truth, and Faasos, undertook downsizing operations in January 2023, laying off 2% of its workforce.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, the company closed its fourth debt financing round in April 2023, after raising Rs 75 crore in debt funding from Northern Arc and Stride Venture.
Rebel Foods operates in India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, and the UK among others. It competes with Ankit Nagori-founded Curefoods which operates brands Eatfit, Sharief Bhai, Olio Pizza, Rolls on Wheels, Nomad Pizza, and Millet Express.
Edited by Affirunisa Kankudti
