Quick service restaurant (QSR) company Rebel Foods Pvt Ltd’s net loss narrowed in 2020-21 (FY21) from a year earlier, as the company, which owns brands like Faasos and Behrouz Biryani, managed to cut its expenses by over 25%.
During the year, the company reduced its total expenses by a fourth to Rs 769 crore from Rs 1026.7 crore a year earlier, the company’s filings with the Ministry of Corporate Affairs (MCA) show. However, Rebel Foods reported a 27.5% dip in its operating revenue in the pandemic-battered year. The company reported consolidated operating revenue of Rs 405.09 crore for FY21, against Rs 558.7 crore in 2019-20 (FY20). In FY20, the company had recorded growth of over 80% in its operating revenue.
Cost of materials consumed, which accounts for a major chunk of Rebel Foods’ total expenses, was down to Rs 200 crore in FY21 from Rs 345 crore a year earlier. Rebel Foods also cut its employee costs by more than 10% to Rs 195 crore in the pandemic-battered year. The company also reduced its advertising and promotional expenses to Rs 67 crore in FY21 from Rs 125 crore in FY20.
The company had joined the coveted unicorn club last year, after raising $175 million (around Rs 1,308 crore) as part of its Series F funding round led by Qatar Investment Authority (QIA). Unicorns are private companies with over $1 billion valuation.
Last month, the company announced that it is seeking to invest up to $150 million for “strategic” investments and acquisitions in India as well as the overseas markets, as it looks to scale existing and new partnerships with over 40 Indian and international food brands.
Rebel Foods operates more than 45 internet kitchen brands, 4,000-plus internet restaurants in 450 kitchen locations across 10 countries. Its in-house brands include Faasos, Behrouz Biryani, and Oven Story Pizza.
Rebel Foods was founded in 2011 by Jaydeep Barman and Kallol Banerjee. It currently operates in India, Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines, and Bangladesh.