Food tech start-up Rebel Foods has raised Rs 75 crore venture debt from India's Alteria Capital. The company spearheaded this maiden funding infusion for nearly $9.2 million after turning into a unicorn last year.
According to the regulatory filings with the Registrar of Companies (RoC), the Mumbai-based cloud kitchen brand passed a special resolution where it would issue 7,500 Series E non-convertible debentures (NCD) to Alteria Capital at an issue price of Rs 1,00,000 per debenture.
Before this debt funding, Rebel Foods joined the unicorn club in 2021 after raising $175 million in funding led by the Qatar Investment Authority (QIA). Additionally, according to Fintrackr's findings, Sequoia has over 27 per cent stake in Rebel Foods, making it the largest stakeholder in the company. Other stakeholders include Coatue and Lightbox, though Outlook could not independently verify their stakes.
Rebel Foods' business dropped by nearly 27 per cent during the pandemic, bringing it down to Rs 405.1 crore in FY 2021 from Rs 558.7 crore in FY 2020. However, during the same period, the company's losses also reduced by around 20 per cent to Rs. 364.12 crore.
The food organisation reportedly runs nearly 4,000 cloud kitchens across several brands, including Faasos, Behrouz Biryani and Ovenstory Pizza. While India is its primary target market, it also has a presence in Indonesia, the United Arab Emirates (UAE), the United Kingdom (UK), Singapore and Malaysia.