Rebel Foods, a cloud kitchen brand and the parent company of EatSure (formerly Faasos), has secured INR 75 crore in debt from Catalyst Trustship (Northern Arc) and Stride Ventures amidst a funding slowdown.
According to regulatory filings with the Registrar of Companies (RoC), Rebel Foods’ board has approved the issuance of 7,500 Series F non-convertible debentures to raise INR 75 crore at an issue price of INR 1,00,000 per debenture.
Rebel Foods has received a total of INR 75 crore in debt financing from Catalyst Trustship and Stride Ventures, with the former contributing Rs 25 crore and the latter contributing INR 50 crore. In 2022, the Bengaluru-based company had secured INR 225 crore in debt funding through three rounds from Alteria Capital, InnoVen Capital, and Trifecta Ventures.
With a presence in 10 countries, Rebel Foods operates more than 450 kitchen locations and over 4,000 internet restaurants across 70 cities. The company is behind popular food brands like Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee.
In October 2021, Rebel Foods became a unicorn company following a successful Series F funding round led by Qatar Investment Authority, which raised $175 million. The company, which is backed by Sequoia, also raised $14.5 million in a top-up of the Series F round in November 2021.
Rebel Foods, like many other growth and late-stage companies, underwent a period of layoffs. The company explained that this was a result of an organizational realignment.
In FY22, Rebel Foods’ revenue from operations increased by 2.1 times, reaching INR 859 crore. However, the company also experienced a 54.9% increase in losses, rising from INR 364 crore in FY21 to INR 564 crore. In an effort to achieve profitability this year, Rebel Foods announced plans to establish 100 new outlets within two years, as it re-evaluates its offline retail strategy.
