Cloud kitchen startup Rebel Foods, which owns brands such as Faaso’s, Behrouz Biryani and Ovenstory Pizza, is the latest Indian unicorn. It is the 31st company to turn unicorns in 2021 and the third one in the first week of October.
The startup raised $175 million in a Series F round led by sovereign fund Qatar Investment Authority (QIA), with existing investors Coatue and Evolvence on October 7, 2021. This round has turned the company into a unicorn, with a valuation of $1.4 billion.
The company will use the new funds to expand globally, build its technology and add more food brands to its existing 45. According to the company, it runs over 4,000 internet restaurants.
The company’s CFO, Piyush Kakkad, said that the focus would be to improve customer experience.
“This round of funding will be re-invested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an IPO in the next 18-24 months,” said Kakkad.
It operates over 450 kitchens globally across more than 60 cities in over ten countries, including Indonesia, the United Arab Emirates and the United Kingdom. Rebel Foods said it is setting a course for an initial public offering in the next 18-24 months.
Ravi Golani, Chief Strategy Officer, Rebel Foods, said, “The food-tech space has evolved towards better personalization, innovation, and complete transparency, which Rebel Foods continues to pioneer.”
“We are excited to welcome QIA, which has a track record of being a long-term supportive investor. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation,” added Golani.
Rebel Foods said it is moving towards profitability with an Annual Run Rate of sales of $150 million, which is growing 100 percent YoY. The company announced that it is eyeing an IPO in the next 18-24 months.
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