Rebel Foods bags $50 mn from US hedge fund Coatue Management

In February, it had closed a $4.91 million venture debt round from Alteria Capital, according to data collated by Tracxn.
  • Nusra Deputy Features Editor
Rebel Foods

Dark kitchen major 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.

In February, it had closed a $4.91 million venture debt round from Alteria Capital, according to data collated by Tracxn.

Started by INSEAD alums Jaydeep Barman and Kallol Banerjee in 2010, Rebel Foods 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.

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.

It 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.

Earlier known as Faasos, it operates brands such as Behrouz Biriyani, Oven Story, Firangi Bake and Mandarin Oak.

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