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Rebel Foods Secures INR 110 crore Debt Financing Amid Expansion Drive

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Rebel Foods, a frontline cloud kitchen pioneer, has secured INR 110 crore ($13.2 million) in debt financing from Alteria Capital and InnoVen Capital.

The infusion of funds saw Alteria Capital’s Fund II and Fund III contributing INR 30 crore and INR 35 crore respectively, both orchestrated through Orbis Trusteeship. InnoVen Capital India Fund poured INR 45 crore into the debt round via Vistra ITCL.

This funding round comes on the heels of Rebel Foods’ previous debt financing endeavors. In April 2023, the company secured INR 75 crore ($9.1 million) from Northern Arc and Stride Ventures. Before that, in 2022, it secured INR 55 crore ($6.6 Million) in debt financing from InnoVen Capital and Trifecta Capital.

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods is the home to renowned Quick Service Restaurant (QSR) chains including Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. Its operational footprint spans more than 450 kitchens scattered across 80 cities.

In addition to its stronghold in India, Rebel Foods’ brands have made significant strides in international markets such as the United Arab Emirates (UAE), Saudi Arabia, and the UK.

In a bid to bolster its direct-to-consumer (D2C) offerings nationwide, Rebel Foods recently joined the open network for digital commerce (ONDC).

Despite registering an operating revenue of INR 1,195.2 crore in FY23, signaling a robust 39% year-on-year (YoY) growth, the company witnessed a widening of losses by 23% YoY, totaling INR 656.5 crore in the same fiscal year.

Undertaking an organizational restructuring initiative, Rebel Foods trimmed its workforce by approximately 2% in early 2023.

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