This alliance brings together the history of quality and natural recipes of Naturals Ice Cream and the internet kitchen facilities, technology and general operational capacity of Rebel Foods. Naturals Ice Cream has been able to expand into the major markets consistently, with quality and brand integrity, with Rebel Launcher.

Ankur Sharma, Co-founder, Rebel Foods, commented, “Rebel Launcher signifies our desire to establish a food brand development ecosystem that is collaborative. Through collaborations with well-known brands such as Natural Ice Cream, we will assist them to operate in geographies without wasting resources as we provide them with the infrastructure, technologies, and extensive operational experience of Rebel Foods.”

Siddhant Kamath, Director, Naturals Ice Cream, commented, “Our association with Rebel Foods has helped in propelling the Naturals ice cream experience a notch higher. We have been able to expand effectively in the country with the help of their large network of cloud kitchens and technology-driven operating systems and preserve the brand reputation our customers look forward to. This partnership has enabled us to reach out to more people than ever, and we view this as a strategic partnership that we will build on in the long run, which will see our growth onward.”

The partnership has proliferated across major cities such as Bengaluru, Gujarat, Hyderabad, Kolkata, and Delhi NCR, among others, as it had a pilot launch in Delhi in 2020. Naturals started with a small menu and has, over time, added its products, and some of its most popular flavours made it onto the digital platform of Rebel, thereby gaining its presence and selling. In 2026, Naturals also rolled out its presence in Chennai, Hyderabad, and Punjab and is looking to further expand its footprint with Rebel Foods in these markets.

Rebel Launcher allows partner brands to grow on capital-efficient models, immediately enter and access the extensive cloud kitchen network of Rebel Foods, integrated supply chain and technology-driven operating systems. Through infrastructure and operations management, Rebel enables the brands to remain product-focused in terms of product innovation and long-term brand building through customer experience.

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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.

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