Rebel Foods, a cloud kitchen startup, has secured $6.6 million from InnoVen Capital and Trifecta Capital in a financing round. The Pune-based company has raised three loan funds in the previous three months.
According to a regulatory filing with the Registrar of Companies (RoC), the board of Rebel Foods has approved a special resolution to issue 5,500 Series E non-convertible debentures at an issue price of INR 1,000,000 per debenture to raise INR 55 crores.
Trifecta Ventures contributed INR 25 crore, with InnoVen Capital contributing INR 30 crore to the round. With this, Rebel Foods has successfully raised INR 225 crore in debt over three phases in 2022.
The startup operates in Indonesia, the UAE, the UK, Singapore, and Malaysia. The company claims to manage more than 4,000 cloud kitchens across 45 brands, including Faasos, Behrouz Biryani, and Ovenstory Pizza.
Rebel Foods became a unicorn in 2021
After raising $175 million in its Series F round, which Qatar Investment Authority dominated in October 2021, the Sequoia-backed company joined the unicorn club. Additionally, as a top-up to the Series F round in November last year, it raised about $14.5 million.
Following the fundraising, it also revealed an ESOP liquidation scheme worth $10 million for qualified current and past employees. Over 150 current and former Rebel Foods employees, according to the firm, were given a chance to sell their vested options.
The cloud kitchen startup saw a respectable 2.1X increase in size, from INR 406 crore in FY22 to INR 859 crore. During that time, it had a 54.9 percent increase in losses to INR 564 crore.
Ninety-eight percent of the company’s operating revenue was generated by selling products (food items), while its main costs were materials, staff perks, advertising, and promotions.
Similar to Rebel Foods, several growth-stage businesses have raised money during the funding winter through debt and convertible notes.