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Faasos parent enters unicorn club, raises funding from Qatar Investment Authority
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Rebel Foods Pvt Ltd, the owner of online kitchen brands including Faasos and Behrouz Biryani, has raised $175 million (Rs 1,308 crore) in its Series F round of funding led by Qatar Investment Authority (QIA). 

Existing investors Coatue Management and Evolvence India Fund also participated in this round. The transaction enabled the company to enter the prestigious unicorn club as it has been valued at around $1.4 billion. 

On Tuesday, VCCircle reported that Rebel Foods was seeking a $1.5 billion valuation and was in fundraising talks with QIA and others. 

The infusion will be utilised by Rebel Foods for expanding its international footprint, boosting technology and brand acquisitions. 

“The food-tech space has evolved towards better personalisation, innovation, and complete transparency which Rebel Foods continues to pioneer. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation,” said Ravi Golani, chief strategy officer at Rebel Foods. 

The company, set up in 2004 by INSEAD alumni Jaydeep Barman and Kallol Banerjee, began life as a quick-service restaurant chain before pivoting to an online kitchen model. Earlier known as Faasos Food Services Pvt Ltd, it rebranded to Rebel Foods in 2018.   

Mumbai-headquartered Rebel Foods operates over 450 kitchens globally across over 60 cities in around 10 countries. It is said to be steadily moving towards profitability with annual run rate sales of $150 million and is said to be eyeing an IPO in the next 18-24 months 

On Monday, VCCircle reported that Rebel Foods had picked up a minority stake in Carpediem Capital-backed QSR brand Biryani Blues. Rebel Foods is also reportedly in talks to acquire leasing rights to scale Mad Over Donuts’s delivery operation and is also investing in Zomoz.  

In December last year, the entity had increased its exposure in home chef-focused FoodyBuddy. Rebel Foods counts Coatue Management, Goldman Sachs and Indonesia’s Go-Jek among its investors.  

QSR in focus

Quick service restaurant chains have jumped into focus recently. Last week, VCCircle reported that Marathon Edge Partners, the private equity firm co-founded by ex-Bain Capital principal Nikhil Raghavan, will invest in quick service restaurant chain The Belgian Waffle Co.   

In September, Kolkata-based Wow! Momo raised over $15 million (Rs 110 crore) in its Series C round of funding led by Singapore-based hedge fund Tree Line Investment Management   

Also that month, VCCircle reported that Biryani by Kilo is in discussions with several local PE funds to raise its Series B round of funding. The publication also reported in September that Dindigul Thalappakatti, a Chennai-based biryani chain of restaurants, is in talks with two PIPE (private investment in public equity) funds to raise capital at a valuation of Rs 1,000 crore. 

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