On the plate: Rebel Foods receives $25 million from Qatar Investment Agency’s Restaurant Expansion Agency
Mumbai: The Qatar Investment Agency (QIA) has injected $25 million into rebel food, with a rating of $1.4 billion in the company. Three people aware of the development said the funding would support the Teminasque-backed company to expand its physical restaurant and gourmet court operations, marking a strategic development for the cloud kitchen giant.
“The company wants to expand its restaurant and cafe business, essentially, in an omnichannel way,” the first of the three quoted earlier said on anonymity.
Rebel Foods, operator of Faasos and Behrouz Biryani, declined to comment on development, while Qatar’s sovereign wealth fund did not respond immediately Mint Request a comment.
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The second person said: “The company wants to open a key restaurant and food court for branded food that can be sold and eaten. They want to take an omnichannel approach now. This is likely to challenge any coming competition for new players and fast business professions.”
The person added that most of the fresh funds will be used to expand the food court business. The company has been focusing on the food court format, recently bundled with Indian fast food chain Wendy’s. It operates 10 diet formats in different cities, sells everything from Biryani to pizza, cakes and coffee, and plans to open more in the coming years.
Service Strategy
The company may use ₹$20 billion has opened a small number of shops/restaurants in its main markets, including Mumbai, Pune, Bangalore and Delhi. The second person added: “QIA’s investment is the final expansion of Temasek’s pumping in primary capital. The valuation is the same.”
In October last year, Temasek Holdings, the investment arm of Singapore government, bought a 20-25% stake in the Cloud Kitchen chain for $200 million. Mint Reported. At that time, existing investors of the company, such as Coatue Management, Lightbox and XV, sold some of their shares.
Later, KKR, a global private equity firm based in the United States, bought a secondary stake worthy of the undisclosed amount from these investors. MINT reported in December that an unnamed source KKR will buy $5-$750,000 worth of Rebel Foods stock from existing investors, a startup worth $80-$860 million.
Rebel Foods also plans to make its initial public offering in the next 12-18 months Mint Reported.
In this way, Temasek will be the largest single non-base shareholder in the company. The founder owns approximately 12% of the shares in the Mumbai company and QIA holds approximately 9.9% of the shares. In October 2021, the company raised $175 million in F financing from investors led by the Qatar Investment Agency (QIA), which is valued at $1.4 billion.
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Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates cloud kitchen brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, Good Bowl, Good Bowl, Slay Cofferent, Sweet Truth and Wendy’s, in addition to operating in offline stores in India. In total, it operates over 450 kitchens in over 70 cities. It has a portfolio of more than 45 brands in several countries including India, the United Arab Emirates (UAE), Saudi Arabia and the United Kingdom.
The company reduces its losses to ₹Net loss of 24 million ₹65.7 billion in the previous year Mint Reported August. Revenue from operations ₹14.2 billion in fiscal year 24 ₹The previous year was 11.95 billion ₹The report said 18.57 million.
