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Funding · Commerce & Consumer Brands

Rebel Foods raises ₹150 Cr debt from Alteria and InnoVen

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Date
Company
Rebel Foods
What it does
cloud kitchen operator
Kind
Funding
Amount
Rs 150 crore
Founded
2011
Sector
Commerce & Consumer Brands

What they do

Rebel Foods, a cloud kitchen operator with over 450 kitchens in India and other regions, raised ₹150 crore in debt from Alteria Capital and InnoVen Capital

What happened

The debt was raised through 15,000 non-convertible debentures (NCDs) at ₹1 lakh each, with a 13.9% annual coupon rate and a three-year tenure

Why it matters

The company has raised about $780 million to date, including a $210 million Series G round led by Temasek, and reported revenue of ₹1,420 crore in FY24

The details

  • Rebel Foods, a cloud kitchen operator, raised ₹150 crore in debt from Alteria Capital and InnoVen Capital.
  • The debt was raised through 15,000 non-convertible debentures (NCDs) at ₹1 lakh each.
  • Each NCD has a coupon rate of 13.9% per annum and a tenure of three years, maturing on September 2, 2028.
  • Alteria Capital invested ₹90 crore, while InnoVen Capital contributed ₹60 crore.
  • The funding follows a $25 million funding round from Qatar Investment Authority earlier in the year.
  • Rebel Foods declined to comment on the queries sent by Entrackr.

The bigger picture

  • Rebel Foods has grown into one of the largest cloud kitchen operators, with over 450 kitchens across India, the MENA region, Indonesia, and the UK.
  • The company's revenue from operations grew to ₹1,420 crore in FY24, compared to ₹1,195 crore in FY23.
  • Rebel Foods cut down its losses by over 42% to ₹378 crore during the same period.

About the business

  • The company has over 450 kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities.
  • Its portfolio includes brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy’s.
  • Rebel Foods launched its 15-minute food delivery app, QuickiES, in February 2025.
  • The company competes with firms like Curefoods, EatClub, Biryani By Kilo, FreshMenu, and others.

The deal

Type
debt

Investors

About Rebel Foods

Product
Multi-brand cloud kitchen and food delivery platform.
Customers
Urban consumers ordering meals from its owned brands.
How it makes money
Sells prepared food through owned brands and delivery channels.
What sets it apart
Runs a large portfolio of in-house food brands across a wide kitchen network.
Operations
Operates cloud kitchens and consumer food brands, with some dine-in and quick-delivery experiments.

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