Results · Commerce & Consumer Brands

Rebel Foods reports slower growth and reduced losses

By Startup Enthusiast · 5 December 2025

What they do

Rebel Foods manages a network of internet-first restaurant brands including Faasos, Behrouz Biryani, and The Good Bowl

The company reported a 14% revenue increase to Rs 1,617 crore while reducing its annual losses by 12% to Rs 336 crore

The firm spent Rs 1.23 to earn every rupee of revenue in FY25, showing improved unit-level efficiency compared to the previous year

Rebel Foods recorded Rs 1,617 crore in operating revenue for the fiscal year ending March 2025.
The company's annual loss narrowed by approximately 12% to Rs 336 crore during the same period.
Total expenses for the firm rose by 7% year-on-year to reach Rs 1,987 crore.
The cost of materials remained the largest expense category, increasing by 11% to Rs 678.5 crore.
Advertising costs grew by 14% to Rs 153 crore as the company sought to maintain market presence.
The firm reported cash and bank balances of Rs 56 crore as of March 2025.

The company faces a challenging environment similar to other food service firms struggling with profitability.
The firm's unit-level efficiency improved, with the cost to earn one rupee of revenue dropping to Rs 1.23.

Rebel Foods operates a cloud kitchen (a restaurant with no physical dining space that serves only delivery orders) model.
It manages a portfolio of brands including Faasos, Behrouz Biryani, Lunch Box, and The Good Bowl.
The vast majority of its revenue, roughly 97%, is derived from the direct sale of food products.
The company operates across multiple cities to serve customers through online food delivery platforms.
It functions as an internet-first restaurant company that leverages centralized kitchens for efficiency.

Peak XV Partners (lead) — A prominent venture capital firm investing in startups.
Coatue (lead) — A global technology-focused investment manager.
QIA (lead) — Qatar Investment Authority, the sovereign wealth fund of Qatar.
Lightbox (lead) — A venture capital firm focused on consumer technology.

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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