Foodtech company Rebel Foods, which runs cloud restaurants and has recently expanded its presence to offline markets, has raised $210 million (nearly Rs 1,800 crore) in its Series G funding round in a mix of primary and secondary share sales.
The round was led by Temasek and also saw participation from existing investor Evolvence. It also saw some investors exit the firm, but their names were not disclosed.
The fresh capital will be instrumental in expanding Rebel Foods’s footprint and strengthening its platform by enhancing its portfolio of brands, the company said in a release on Thursday.
VCCircle had exclusively reported earlier this year that Rebel Foods was in talks with Singapore’s Temasek to raise fresh capital.
“This funding reinforces our vision to keep strengthening our platform thereby enhancing our portfolio of brands, scale our omnichannel presence, and drive operational excellence globally,” said Jaydeep Barman, co-founder and chief executive officer, Rebel Foods.
Rebel Foods operates several internet-first brands including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s. It also runs its own D2C platform named EatSure.
Rebel Foods’ brand portfolio includes Slay Coffee, run by DropKaffe Food and Beverages Pvt Ltd; Smoor, operated by Bliss Chocolates India Pvt Ltd; Zomoz and Biryani Blues (Thea Kitchen Pvt Ltd).
The company claims to be operating more than 450 kitchens across over 70 cities in India. It has also expanded into international markets such as the UAE and the UK.
Avendus Capital acted as the exclusive financial advisor to Rebel Foods on this transaction.
In its last funding round, Rebel Foods got $175 million in October 2021 at a valuation of around $1.3 billion, which elevated the company into the unicorn club. The funding was led by Qatar Investment Authority and was participated by existed investors Coatue and Evolvence.
