Cloud kitchen operator Rebel Foods has raised $50 million in a fresh funding round from existing investor, US-based hedge fund Coatue Management, according to its filings with the Registrar of Companies.
The latest equity financing round follows the $125 million raised by the Mumbai-based company in August last year, which was also led by technology-focused Coatue Management and saw participation from the investment arms of ride-hailing major Go-Jek and Goldman Sachs.
That round valued the decade-old company at about $525 million.
In February, it had closed a $4.91 million venture debt round from Alteria Capital, according to data collated by industry tracker Tracxn.
The company, founded by INSEAD alums Jaydeep Barman and Kallol Banerjee in 2010, has issued 5,627 Series E1 compulsorily convertible cumulative shares at Rs 6,73,828.66 per share to Coatue PE Asia, according to the filings with the RoC, which were accessed by business intelligence platform Tofler.
Additionally, it will also invest Rs 3 crore through primary and secondary transactions in Bengaluru-based home chef platform FoodyBuddy, according to the filings.
Coatue’s investment in Rebel Foods was first reported by Times of India in February. According to Entrackr, the latest fund infusion values the company – which competes with the likes of Zomato and Swiggy – at over $700 million.
The company, which also counts Sequoia Capital, Lightbox, ru-Net and Uber co-founder and former chief executive Travis Kalanick, among its list of backers, had reported a net loss of Rs 130.64 crore in financial year 2018-19, widening from a net loss of Rs 74.44 crore in fiscal year 2018, as it expanded across regions at a rapid pace.
The company, which operates over 2,100 internet restaurants and an estimated 300 cloud kitchens across three countries, said revenue had more than doubled to Rs 310.37 crore in financial year 2019, up from Rs 149.5 crore in the year-ago fiscal.
The company, which operates brands such as Behrouz Biriyani, Oven Story, Firangi Bake and Mandarin Oak, enjoys greater margins than rival food aggregators Swiggy and Zomato or brick-and-mortar restaurants, since margins on private brands are far higher and investment on real estate is lower, analysts have said.