Cloud kitchen platform Rebel Foods raised $9.1 million in debt funding round from Catalyst Trusteeship (Northern Arc) and Stride Ventures.
According to regulatory filings, Rebel Foods issued 7,500 Series F non-convertible debentures to Catalyst Trusteeship and Stride Venture for INR 1 lakh each. Notably, Catalyst Trusteeship invested INR 25 crore in the startup, while Stride Venture invested INR 50 crore.
The news comes nearly three months after Rebel Foods laid off about 2% of its workforce as part of an annual performance evaluation and a reorganisation within the startup.
Rebel Foods, founded in 2011 by Jaydeep Barman and Kallol Banerjee, is a cloud kitchen platform that owns and operates a number of brands, including Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, and The Good Bowl.
The startup is currently present in India, the United Kingdom, the United Arab Emirates, Indonesia, Singapore, and Malaysia. It claims to run 450+ dark kitchens in 70 cities across ten countries.
It joined the coveted unicorn club in 2021 after raising $175 million in its Series F funding round at a valuation of $1.4 billion. Qatar Investment Authority, along with Coatue and Evolvence, led the round.
It received INR 55 Cr in debt funding from InnoVen Capital and Trifecta Capital in December of last year. Including this, the startup received INR 225 Cr in funding in 2022 alone.
Furthermore, in 2022, it paid an undisclosed sum for a majority stake in luxury chocolate brand SMOOR. The agreement was reached in order for Rebel Foods to strengthen its position as the “Thrasio of food.”
The unicorn also announced a $10 million ESOP liquidation deal for 150 current and former employees the same year, according to source.
