Indian cloud kitchen startup hits unicorn status with $175m raise

Rebel Foods, an India-based cloud kitchen operator, has raised US$175 million in its latest round of funding at a valuation of US$1.4 billion.

More funding details

• Lead investor: Qatar Investment Authority
• Returning investors: Coatue Management and Evolvence
• Stage: Series F

More company updates

• Rebel Foods will use the new funds to build the company’s tech, expand its global operations, and acquire new brands.
• The company is aiming to launch its initial public offering within the next 18 to 24 months.
• The cloud kitchen operator said it is “steadily” moving toward profitability and has hit an annual run rate of US$150 million in terms of sales.
• Rebel Foods has built over 45 brands across 10 countries – India, Indonesia, United Arab Emirates, the UK, Singapore, Malaysia, Thailand, Hong Kong, the Philippines, and Bangladesh. It also operates more than 4,000 “internet restaurants,” which cater exclusively to delivery orders.
• The startup works with restaurants such as Wendy’s and operates its own brands including Faasos, Behrouz Biryani, Ovenstory, Mandarin Oak, The Good Bowl, and Sweet Truth.
• In 2019, City Storage Systems, the real estate company of Uber co-founder and former CEO Travis Kalanick, reportedly bought a small stake in Rebel Foods as part of the cloud kitchen operator’s US$125 million series D round.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.