Rebel Foods, the cloud kitchen operator behind Faasos, Behrouz Biryani and Oven Story Pizza, has approved employee stock options (ESOPs) worth approximately Rs 170 crore for its five co-founders. According to the company’s latest filing, the board approved 25.36 lakh options at an exercise price of Rs 670 each.
CEO Ankush Grover received the largest allocation of 17.09 lakh options, valued at Rs 114.51 crore. Co-founder Jaydeep Barman was granted 4.27 lakh options worth Rs 28.63 crore, while Piyush Kakkad, Soumyadeep Barman and Ankur Sharma received 1.34 lakh options each, valued at approximately Rs 8.95 crore per person.
A substantial portion of Grover’s allocation appears to be linked to performance milestones as the company works towards profitability and explores a potential public listing.
The ESOP approval comes as Rebel Foods reports improved financial performance. In FY26, the company’s operating revenue increased 20% to Rs 1,951.6 crore, while its losses narrowed 16.3% to Rs 281.8 crore.
The company has raised nearly $803 million from investors, including Peak XV Partners, Coatue Management, Qatar Investment Authority and LightBox. As it continues to expand its business, Rebel Foods is also focusing on improving financial performance and building a path towards sustainable profitability.
The company’s ability to sustain revenue growth, reduce losses and achieve consistent profitability will be key as it evaluates a potential IPO.
