Rebel Foods, world’s largest internet restaurant company turns unicorn with $175 million funding

Investment led by Qatar Investment Authority with participation from existing investors

Published: Tue 12 Oct 2021, 10:45 AM

Rebel Foods, the world’s largest internet restaurant company, announced that it has raised $175 million in a Series F round led by Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, with participation from existing investors Coatue and Evolvence. This round catapults the company to a unicorn status with a valuation of $1.4 billion.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is the world’s largest and fastest growing internet restaurant company, parent to brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth, Wendy’s and more. The company operates the largest number of internet restaurants worldwide and has built 45+ brands (own + partners) across 10 countries - India, Indonesia, United Arab Emirates, United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines and Bangladesh, and operates 4000+ internet restaurants. The company has disrupted a century-old industry of traditional restaurant business, by building a full-stack technology-enabled platform - Rebel Operating System, thereby catering to multiple food missions. With the influx of fresh funding, Rebel Foods will continue to focus on growing their international footprint, technology and brand acquisitions. This latest fundraising will allow Rebel to deliver on its vision of bringing the highest quality brands across food missions to customers globally.

Speaking of the funding, Ravi Golani, chief strategy officer, Rebel Foods said: “The food-tech space has evolved towards better personalisation, innovation, and complete transparency which Rebel Foods continues to pioneer. We are excited to welcome QIA, which has a track record of being a long-term supportive investor. With this round of funding, we will continue to serve newer customer food missions powered by technology and automation.”

Piyush Kakkad, chief financial officer, Rebel Foods, added: “While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way. This round of funding will be re-invested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an initial public offering (IPO) in the next 18-24 months.”

The company has successfully built multiple $20 million restaurant brands over the past few years and is steadily moving towards profitability with annual run rate sales of $150 million, growing 100 per cent year-over-year (YoY)and is eyeing an IPO in the next 18-24 months. Goldman Sachs acted as the exclusive financial advisor and Shardul Amarchand Mangaldas acted as the legal advisor to Rebel Foods on this transaction.

Globally, the internet restaurant space was already witnessing momentum even before the pandemic hit, due to the inherent advantages of cost and scalability compared to brick-and-mortar restaurants. The past year has only accelerated the trend, with a greater portion of dine business now transitioning to delivery.