Rebel Foods raises Rs 75 Cr debt from Alteria Capital
Cloud kitchen brand Rebel Foods, which turned unicorn last year, has raised Rs 75 crore or $9.22 million in venture debt from Alteria Capital. This would be the maiden fund infusion in the Pune-based company in 2022.
The board at Rebel Foods has passed a special resolution to issue 7,500 Series E non-convertible debentures (NCD) to Alteria Capital at an issue price of Rs 1,00,000 per debenture to receive Rs 75 crore or $9.22 million, regulatory filings with the Registrar of Companies (RoC) show.
Rebel Foods runs 4,000 cloud kitchens across 45 brands such as Faasos, Behrouz Biryani, Biryani Blues and Ovenstory Pizza. Besides India, it has a presence in Indonesia, the UAE, the UK, Singapore and Malaysia among others.
According to Fintrackr, Sequoia is the largest stakeholder in Rebel Foods with over 27% stake followed by Coatue and Lightbox. The company made an entry into the unicorn club after raising $175 million led by Qatar Investment Authority (QIA) and participated by other existing backers in Oct last year.
Due to the pandemic, Rebel Foods’ scale dropped by 27.5% to Rs 405.1 crore in FY21 from Rs 558.7 crore in FY20. Its losses also reduced to the tune of 20% to Rs 364.12 crore during the same period. On the lines of several large consumer internet companies, the company is also testing an offline channel with its first physical outlet on Mumbai-Pune Expressway.
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