Rebel Foods has passed a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures with a face value of INR 1 lakh each to raise INR 110 crore. Alteria Capital Fund invested INR 65 crore in total, while InnoVen Capital invested INR 45 crore in the debt round. Rebel Foods owns several popular quick-service restaurants, including Faasos, Ovenstory Pizza, and SLAY Coffee.
Cloud Kitchen Unicorn Alteria Capital and InnoVen Capital provided INR 110 crore ($13.2 million) in loan funding to Rebel Foods.
According to papers with the Registrar of Companies (RoC), Rebel Foods’ board has approved a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures having a face value of INR 1 lakh each, raising INR 110 crore.
Alteria Capital Fund II has invested INR 30 crore, while Alteria Capital Fund III has contributed INR 35 crore to the round. The monies have been invested through Orbis Trusteeship.
In contrast, InnoVen Capital India Fund invested INR 45 crore in the loan round through Vistra ITCL. The development was initially reported by Entrackr.
Rebel Foods had raised INR 75 crore ($9.1 million) in debt finance from Northern Arc and Stride Ventures in April of last year. Previously, in 2022, it secured INR 55 Cr ($6.6 Mn) in debt capital from InnoVen Capital and Trifecta Capital.
Rebel Foods, founded in 2011 by Kallol Banerjee and Jaydeep Barman, owns and operates several popular quick-service restaurants, including Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. The startup has over 450 kitchens in 80 cities.
Apart from India, its brands are also present in the United Arab Emirates (UAE), Saudi Arabia, and the United Kingdom.
The firm plans to close Oven Story Pizza and open 250-300 new locations over the next two to three years.
The Jaydeep Barman-headed company joined the unicorn club following a $175 million Series F financing backed by Qatar Investment Authority in October 2021. The startup supported by Peak XV raised $14.5 million in its most recent financing round in November 2021.
Rebel Foods just joined the open network for digital commerce (ONDC) to expand its direct-to-consumer (D2C) products nationwide.
Rebel Foods recorded operational revenue of INR 1,195.2 crore in FY23, a 39% increase year on year. However, in FY23, their loss increased by 23% year on year to INR 656.5 crore.
In early 2023, the startup laid off approximately 2% of its personnel as part of a reorganization initiative.
