Rebel Foods Revenue, Valuation, Funding & Investors

Rebel Foods is valued at $1.4B as of April 2025, a 8.1x multiple on its last reported $173M revenue.

Last Rebel Foods valuation

$1.4B

Series G · Apr 2025

Last Rebel Foods funding round

$25M

Series G · Apr 2025

Rebel Foods revenue

$173M

Series G · Apr 2025

Key investors in Rebel Foods

  • Lightbox
  • Evolvence India Fund
  • Sequoia Capital
  • Peak XV Partners
  • Coatue
  • Goldman Sachs

Rebel Foods Overview

About Rebel Foods

Rebel Foods is a Pune-headquartered cloud kitchen operator managing over 450 brands in India and Southeast Asia. Founded in 2011, it delivers through popular labels like Faasos, Behrouz Biryani, and Mandarin Oak for diverse cuisines including North Indian, biryani, and Asian fusion. The company runs 450+ kitchens in 45 cities, processing 1.5 million orders monthly via partnerships with Zomato, Swiggy, and DoorDash. Its technology platform optimizes supply chains, menu development, and last-mile delivery efficiency.


Founded

2011

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$173M (Apr 2025)

Valuation

$1.4B (Apr 2025)

Rebel Foods Valuation

Rebel Foods is currently valued at $1.4B, based on its Series G in April 2025.

The $25M round was led by Qatar Investment Authority.

Rebel Foods' valuation has grown 11x from $124M at its Series B in February 2015 to $1.4B in April 2025, across 11 priced rounds.

Rebel Foods valuation by funding round

Revenue multiple
Rebel Foods valuation by funding round
DateStageValuationRevenue Multiple
Apr 2025Series G$1.4B8.1x
Dec 2024Series G$1.4B9.2x
Nov 2021Series F$1.3B8.7x
Oct 2021Series F$1.4B-
Jul 2020Series E$525M8.5x
Apr 2020Series E$702M-
Sep 2019Series D$525M30.9x
Jul 2019Series D$525M15.9x
Mar 2019Series D$387M-
Aug 2018Series C$207M6.5x
Feb 2015Series B$124M-

Rebel Foods Revenue

Rebel Foods' latest recorded revenue is $173M, as of its Series G in April 2025. At a $1.4B valuation, that implies a 8.1x revenue multiple.

Revenue grew from $32M in August 2018 to $173M in April 2025, while the revenue multiple moved from 6.5x to 8.1x.

Rebel Foods revenue by funding round

Rebel Foods revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2025$173M$1.4B8.1xSeries G
Dec 2024$152M$1.4B9.2xSeries G
Nov 2021$150M$1.3B8.7xSeries F
Jul 2020$62M$525M8.5xSeries E
Sep 2019$17M$525M30.9xSeries D
Jul 2019$33M$525M15.9xSeries D
Aug 2018$32M$207M6.5xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Rebel Foods Funding History

Rebel Foods has raised a total of $740M across 14 funding rounds.

Rebel Foods' first fundraising round was a $3M Series A in December 2013. The most recent completed round was a $25M Series G in April 2025.

Rebel Foods funding rounds

Rebel Foods funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Series GQatar Investment Authority (lead)$25M$1.4BRebel Foods, an Indian cloud kitchen startup operating an online-first restaurant platform with multi-category food brands, secured $25 million from Qatar Investment Authority in April 2025 as part of its Series G funding. The round was raised at a $1.4 billion valuation, according to sources cited by Inc42 and Mint, with proceeds aimed at expanding physical restaurants and food courts to adopt an omnichannel approach amid competition from quick commerce players. The company, gearing up for an IPO in 2025-26, has previously raised significant capital including a $210 million Series G tranche from Temasek in late 2024 at the same $1.4 billion valuation, bringing total funding to around $773 million from investors like KKR, Temasek, and Lightbox. Rebel Foods operates 350 kitchens across 70 cities in India, processing about 2.5 lakh orders daily, and employs 8,000 to 9,000 people. It has expanded internationally with 15 kitchens in Dubai and 12 in the UK, recently launching 'QuickiES' for 15-minute food delivery in February to tap into the fast-growing quick commerce sector. The QIA investment strengthens its brand portfolio and platform ahead of public listing plans. Rebel Foods achieved unicorn status in 2021 with a $1.4 billion valuation in a prior round led by QIA, focusing on proprietary technology, supply chain, and culinary innovation.
Dec 2024Series GTemasek (lead); KKR; Evolvence India Fund$210M$1.4BRebel Foods, the parent company of cloud kitchen brands like Faasos, Behrouz Biryani, Oven Story, and others, operates over 450 kitchens across 70 cities in multiple countries including India, Indonesia, Singapore, and the UK. The Mumbai-based company reported operating revenue of Rs 1,420 crore in FY24 (ended March 31, 2024), up 19% from Rs 1,195 crore in FY23, driven by food sales contributing Rs 1,373 crore. Losses narrowed 42% to Rs 378 crore from Rs 657 crore in FY23, with total expenses at Rs 1,857 crore. In August 2024, reports indicated Rebel Foods was in advanced talks for a $100-150 million investment from Temasek in a mix of primary and secondary shares, potentially at a $700 million valuation, following earlier mentions of $120 million. The company's valuation had reportedly declined from $1.4 billion in 2021 to $1 billion. Rebel Foods competes with players like Curefoods and Eatclub in the cloud kitchen space. In FY25 (ended March 2025), revenue grew 13.9% to Rs 1,617 crore, with losses declining 11.5% to Rs 337 crore and EBITDA loss reducing to Rs 128 crore. The company has raised about $773 million to date from investors including Temasek, KKR, Coatue, Lightbox, and Peak XV Partners, with its last noted debt round in April 2023.
Nov 2021Series FMando Corporation (lead); Alimco Financial; Acernis Ventures$15M$1.3BRebel Foods is an Indian cloud kitchen operator that runs a portfolio of virtual restaurant brands across multiple countries. The company operates more than 45 food brands including Faasos, Behrouz Biryani, and Ovenstory, leveraging a dark kitchen model that organizes kitchen workflows by restaurant type rather than operating separate physical facilities for each brand. In its Series F funding round in July 2021, Rebel Foods raised $190 million at a post-money valuation of $1.3 billion, with participation from lead investor Qatar Investment Authority alongside existing backers Coatue and Evolvence, as well as Acernis Ventures, Mando Corporation, and other institutional and corporate investors. The company reported an annual run rate of $150 million in revenue as of the round date, representing 100% year-on-year growth. Following the funding, Rebel Foods signaled plans to expand its international footprint across nearly a dozen markets, enhance technological capabilities, acquire new food brands, and pursue an initial public offering within 18–24 months.
Oct 2021Series FQatar Investment Authority (lead); Evolvence India Fund; Alteria Capital; Goldman Sachs; Coatue; Peak XV Partners$175M$1.4BRebel Foods, a Mumbai-based cloud kitchen operator founded in 2010, achieved unicorn status with its Series F funding round of $175 million on October 7, 2021, led by Qatar Investment Authority, reaching a post-money valuation of $1.4 billion. The round included investors such as Coatue, Evolvence India Fund, Goldman Sachs, and Peak XV Partners, enabling the company to scale its global operations. Rebel Foods runs an online-first restaurant platform with multi-category food brands, leveraging proprietary technology, supply chain infrastructure, and culinary innovation to manage cooking, logistics, sales, and revenue. The company supports food businesses through a technology-driven operating system and has expanded rapidly, incubating multiple brands across India with minimal additional capex. Kitchens become profitable within three months, with investments paid back in under 12 months, allowing launches of new cuisine brands across top cities. By 2021, Rebel Foods had established itself as one of India's largest food tech unicorns, operating hundreds of dark kitchens and thousands of virtual restaurant locations. Post-2021, Rebel Foods continued fundraising, including a Series G round of $210 million in May 2025 at ₹17,100 crore valuation led by Temasek, and debt financing, bringing total funding to $587 million. While specific 2021 revenue or ARR figures are unavailable in sources, later financials show operating revenue growth to INR 1,420.2 Cr in FY24 and INR 1,617.4 Cr in FY25, with ongoing losses but improving EBITDA margins.
Jul 2020Series ECoatue (lead)$27M$525MRebel Foods, the parent of Faasos, operates a cloud kitchen network in India with brands like Behrouz Biryani and Oven Story, managing over 300 kitchens across 35 cities by 2020 and processing over 2 million orders monthly. The company raised $50 million in a Series E round in 2020 led by Coatue Management, valuing it at around $525 million. This followed a prior $125 million Series D in 2019 from Coatue, Goldman Sachs, and others for international expansion including Indonesia with Gojek and UAE. For FY20 (April 2019-March 2020), Rebel Foods reported annual revenues of ₹579 crores, up 84% year-over-year, though operating expenses doubled to ₹1,025 crores, leading to losses of ₹446 crores. Revenues primarily covered raw materials and employee costs, with significant spends on advertising and aggregator commissions. The 2020 funding strengthened the balance sheet amid COVID-19 lockdowns boosting food delivery demand, as Rebel's model avoided dine-in impacts. This valued the company below the $800 million mark from the subsequent Series E completion in July 2020, before reaching unicorn status at $1.4 billion in the October 2021 Series F led by Qatar Investment Authority.
Apr 2020Series ECoatue (lead)$50M$702MRebel Foods, a Mumbai-based cloud kitchen operator running brands like Faasos, Behrouz Biryani, and Oven Story, raised $76.4 million in its Series E round on April 10, 2020, led by Coatue, achieving a post-money valuation of $702 million. This followed a $125 million Series D in June 2019 also involving Coatue, Goldman Sachs, and others, valuing the company at $387 million post-money. The Series E built on prior investments from Sequoia Capital (now Peak XV), Evolvence, and others, supporting expansion of its network of over 300 cloud kitchens across India at the time. Regulatory filings confirmed the $50 million tranche from Coatue as part of this ongoing Series E, strengthening the balance sheet amid rapid growth in the cloud kitchen sector. By 2020, Rebel Foods had transitioned from a quick-service restaurant chain launched in 2011 to a tech-enabled virtual restaurant network, operating proprietary food preparation hubs for direct-to-consumer delivery via its app and website. The company focused on multi-brand strategies across cuisines, leveraging supply chain and culinary innovation. This round aligned with surging demand for cloud kitchens, which captured significant agrifood tech investment, second only to eGrocery globally in 2019. Post-2020, Rebel Foods continued scaling, raising a Series F in July 2021 for $190 million at $1.3 billion valuation with Coatue participation and Qatar Investment Authority, followed by another tranche turning it unicorn at $1.4 billion in October 2021. Later rounds included debt and equity, culminating in over $587 million total funding by 2025, with operations expanding to 60 cities in 10 countries and 6,000 employees.
Sep 2019Series DGoldman Sachs (lead); Northwest Industrial Logistics; Sistema Asia Capital; Irving Investors$28M$525MRebel Foods is a cloud kitchen operator based in Pune, India that had rebranded from its earlier identity as Faasos Food Services in 2018. The company operates a multi-brand model with established restaurant concepts including Faasos, Oven Story, Firangi Bake, Mandarin Oak, Kettle & Eggs, and Behrouz, utilizing dark kitchens in industrial locations to prepare food exclusively for delivery. By mid-2019, Rebel Foods operated a network of 235 cloud kitchens across 20 Indian cities and had established approximately 1,600 internet restaurants across 11 brands, generating around two million orders per month. Rebel Foods' Series D round occurred across multiple tranches between March and September 2019, totaling $153.8M in new capital. The initial $15.8M tranche in March 2019 was led by Sequoia Capital India alongside Lightbox Ventures and Evolvence India Fund; in August 2019, Go-Jek's venture arm Go Ventures invested $5M; in late August 2019, the company raised $125M from Goldman Sachs, Coatue Management, and other investors; and in September 2019, Goldman Sachs led an additional $28M round with Sistema Asia Capital, Irving Investors, and Northwest Industrial Logistics. The full Series D round valued the company at $525 million post-money according to Bloomberg reporting. The fresh capital was allocated toward geographic expansion into Southeast Asia and the Middle East, with specific plans to open 20 kitchens in the United Arab Emirates by end of 2019 and establish 100 kitchens in Indonesia in collaboration with Go-Jek, as well as to scale its domestic network to 500 kitchens from the existing 200.
Jul 2019Series DGojek; Evolvence India Fund; Goldman Sachs; Argor Capital; Sequoia Capital; Lightbox; Coatue; Irving Investors$125M$525MRebel Foods, formerly Faasos Food Services, operates a network of cloud kitchens or virtual kitchens focused on delivery-only meals under multiple brands like Faasos, Oven Story, Behrouz Biryani, and others, with around 235 kitchens across 20 Indian cities at the time of the round, processing two million orders monthly. The company pivoted from quick-service restaurants to a multi-brand cloud kitchen model, partnering with delivery platforms like Swiggy and UberEats to minimize costs by locating in low-rent areas. In 2019, Rebel Foods raised $125 million in a Series D round, starting with a $15.8 million tranche led by Sequoia Capital India in March alongside Lightbox and Evolvence India Fund, followed by commitments from Go-Jek ($5 million via Go Ventures), Coatue Management, Goldman Sachs, and others including Argor Capital and Irving Investors, closing the round by August. Post-money valuation reached $525 million, positioning it as one of India's top-valued foodtech firms behind Swiggy and Zomato. Funds were allocated for international expansion, including 20 kitchens in the UAE by end-2019 and 100 in Indonesia with Go-Jek support. For FY2019 (ended March 31, 2019), revenue doubled to Rs 310.37 crore from Rs 149.05 crore the prior year, amid aggressive expansion to 275 cloud kitchens across three countries and 2,100 internet restaurants in 28 Indian cities, though net losses widened to Rs 130.64 crore due to higher material costs and marketing expenses. This traction supported the valuation in the ongoing Series D. Rebel Foods competed with entities like Biryani By Kilo, Box8, and larger players Swiggy and Zomato in India's food delivery market. Prior rounds included a $30 million Series C in 2018 with Sistema Asia Fund and others, building on earlier investments from Sequoia, Lightbox, and Ru-Net since 2015.
Mar 2019Series DLightbox (lead); Peak XV Partners (lead); Evolvence India Fund; InnoVen Capital$16M$387MRebel Foods, India's largest cloud kitchen operator, closed a Series D funding round on March 1, 2019 at a post-money valuation of $387.0 million. The round raised $15.9 million from institutional investors including Lightbox, Peak XV Partners, Evolvence India, Alteria Capital, and RTP Global. The company was founded in 2011 by Jaydeep Barman and Kallol Banerjee and operates multiple cloud kitchen brands including Faasos and Behrouz Biryani across India's major cities. By this period, Rebel Foods was transitioning from a delivery-first model to a broader internet restaurant platform, expanding its brand portfolio and geographic footprint ahead of its eventual path toward public markets.
Aug 2018Series CPeak XV Partners (lead); Sistema Asia Capital (lead); Evolvence India Fund; Lightbox; RTP Global$15M$207MRebel Foods operates a virtual restaurant network based in Mumbai, India. On August 30, 2018, the company raised $21.0 million in its Series C funding round, achieving a post-money valuation of $207.0 million. The round included $32.0 million in revenue at the time. Investors in the Series C round were Peak XV Partners, Evolvence India, Sistema Asia Capital, Lightbox, Alteria Capital, and RTP Global, with corporate participation from Keepital. This followed a prior Series C round on December 31, 2015, where Rebel Foods raised $30.0 million at a $124.0 million post-money valuation.
Apr 2017Series CRB Investments Pte. Ltd.; Lightbox; RTP Global; Peak XV Partners$6M--
Dec 2015Series CRTP Global (lead); RB Investments Pte. Ltd.; The Times Group; BEENEXT; Sequoia Capital; Lightbox$30M--
Feb 2015Series BLightbox (lead); Sequoia Capital$16M$124MRebel Foods raised $30 million in its Series C round on December 31, 2015, achieving a post-money valuation of $124 million. Investors included Beenext, RB Investments, Lightbox, RTP Global, Peak XV Partners, and angel investor Adarsh Sharma. This followed the Series B round on February 16, 2015, where the company raised $14.8 million at a post-money valuation of $58.5 million, led by Lightbox and Peak XV Partners. Rebel Foods, originally known as Faasos, operates as a virtual restaurant network and cloud kitchen platform based in India.
Dec 2013Series ASequoia Capital (lead)$3M--

Who has invested in Rebel Foods?

23 investors have backed Rebel Foods across its funding rounds, including Lightbox, Evolvence India Fund, Sequoia Capital, Peak XV Partners, Coatue and Goldman Sachs.

Lead investors include Qatar Investment Authority, Temasek, Mando Corporation, Coatue, Goldman Sachs and 5 other investors.


Rebel Foods Investors

Investors in Rebel Foods by funding rounds participated
InvestorHQRoundsRoleFirst check
LightboxIndiaMumbai6LeadFeb 2015
Evolvence India FundIndiaMumbai5ParticipantAug 2018
Sequoia CapitalUnited StatesSan Francisco, CA4LeadDec 2013
CoatueUnited StatesNew York City, NY4LeadJul 2019
Peak XV PartnersIndiaBangalore4LeadApr 2017
Goldman SachsUnited StatesNew York City, NY3LeadJul 2019
RTP GlobalUnited KingdomLondon3LeadDec 2015
Sistema Asia CapitalSingaporeSingapore2LeadAug 2018
Qatar Investment AuthorityQatarQatar2LeadOct 2021
RB Investments Pte. Ltd.SingaporeSingapore2ParticipantDec 2015
Irving InvestorsUnited StatesDenver, CO2ParticipantJul 2019
TemasekSingaporeSingapore1LeadDec 2024
KKRUnited StatesNew York City, NY1ParticipantDec 2024

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Rebel Foods

Rebel Foods has acquired 1 company to date.

Last acquisition by Rebel Foods was on April 7th 2022. Rebel Foods acquired Smoor Chocolates for undisclosed valuation.


Latest Acquisitions by Rebel Foods

Smoor Chocolates
Description
Smoor Chocolates is a Bengaluru-based premium chocolatier crafting bean-to-bar products and patisseries. Founded in 2009, it produces single-origin bars, truffles, gelato, and gift hampers using cocoa from Indian estates and global sources. Stores in major Indian cities feature chocolate-making workshops alongside cafe services.
HQ CountryIndia
HQ City
Bangalore
Deal Date7 Apr 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Investments by Rebel Foods

Rebel Foods has invested in 4 companies to date.

Latest investment by Rebel Foods was on May 2nd 2023. Rebel Foods invested in Zomoz in their $2M Seed round.


Latest Investments by Rebel Foods

Zomoz
Zomoz
Slay Coffee
Biryani Blues
Description
Zomoz is a Delhi-based quick-service chain specializing in steamed momos, dim sum, and bao across India. Operating since 2019 through 20 cloud kitchens and outlets in Delhi-NCR, it delivers spill-proof orders via Swiggy and Zomato. The menu features vegetarian and chicken variants prepared with Himalayan recipes, emphasizing fresh dough and authentic fillings.
Zomoz is a Delhi-based quick-service chain specializing in steamed momos, dim sum, and bao across India. Operating since 2019 through 20 cloud kitchens and outlets in Delhi-NCR, it delivers spill-proof orders via Swiggy and Zomato. The menu features vegetarian and chicken variants prepared with Himalayan recipes, emphasizing fresh dough and authentic fillings.
Slay Coffee is a Melbourne-based specialty coffee roaster delivering nationwide subscriptions across Australia. Customers receive freshly roasted beans in spill-proof, temperature-controlled packaging suitable for home brewing. The company also operates takeaway outlets and emphasizes accessible gourmet coffee through convenient delivery models.
Biryani Blues is a Bangalore-headquartered restaurant chain renowned for authentic Hyderabadi biryani and related cuisine. Drawing from the Nizam legacy, the menu features dishes like haleem, kebabs, and mirchi ka salan prepared with basmati rice slow-cooked over charcoal. With over 50 outlets across Karnataka and expansion into other Indian states, the chain caters to dine-in, takeaway, and delivery. Biryani Blues operates in major cities including Mysore, Hubli, and Mangalore, emphasizing fresh ingredients and traditional dum cooking methods.
HQ CountryIndiaIndiaIndiaIndia
HQ City
Hyderabad
Hyderabad
Bangalore
Gurgaon
Deal Date2 May 20231 Nov 202114 Apr 20211 Jan 2021
RoundSeedSeedSeedSeries B
Raised$2M$500K$900K$5M
InvestorsKYT Ventures---
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Rebel Foods Competitors

Rebel Foods competitors include listed companies like Lotte and Colowide Co., and private ones like Naixuecha, Kopi Kenangan, Gousto and Country Delight.

Public and private companies comparable to Rebel Foods
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NaixuechaChinaShenzhenPrivate$725M-$1.8B-
Kopi KenanganIndonesiaJakartaPrivate$184M-$1B5.4x
GoustoUnited KingdomLondonPrivate$415M$56M$2.1B-
Country DelightIndiaGurgaonPrivate$148M-$820M5.5x
LotteSouth KoreaSouth KoreaPublicly listed$11B$577M$1.4B0.8x
Colowide Co.JapanJapanPublicly listed$1.9B$236M$1.4B1.3x

Rebel Foods Public Comps

Rebel Foods is still privately-owned, but its public comps include Lotte, Colowide Co., Izumi Co, Bikaji Foods, Del Monte, Osotspa, Wendy's, J&J Snack Foods, Domino's Pizza Enterprises and Bega Cheese.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Lotte$11B$577M0.8x0.8x16.2x10.4x
Colowide Co.$1.9B$236M1.3x1.3x10.9x19.3x
Izumi Co$3.7B$300M0.6x0.6x6.9x6.8x
Bikaji Foods$306M$44M4.8x4.4x33.2x31.9x
Del Monte$4.3B$213M0.5x0.4x9.5x8.4x
Osotspa$767M$180M1.7x1.7x7.3x7.4x
Wendy's$2.2B$525M2.3x2.3x9.7x10.9x
J&J Snack Foods$1.6B$161M1.0x1.1x9.9x9.1x

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Common questions about Rebel Foods

When was Rebel Foods founded?Rebel Foods was founded in 2011.
Where is Rebel Foods headquartered?Rebel Foods is headquartered in Mumbai, India.
Is Rebel Foods publicly listed?No, Rebel Foods is a private, VC-backed company.
What is Rebel Foods' valuation?Rebel Foods was last valued at $1.4B in its Series G in April 2025.
How much funding has Rebel Foods raised?Rebel Foods has raised $740M across 14 funding rounds.
What was Rebel Foods' last funding round?Rebel Foods' last funding round was a $25M Series G in April 2025, led by Qatar Investment Authority.
Who are Rebel Foods' investors?Rebel Foods' investors include Lightbox, Evolvence India Fund, Sequoia Capital, Coatue, Peak XV Partners, Goldman Sachs, RTP Global, Sistema Asia Capital, Qatar Investment Authority, RB Investments Pte. Ltd. and 13 others.
What is Rebel Foods' revenue?Rebel Foods' latest recorded revenue is $173M (April 2025).
What is Rebel Foods' revenue multiple?Rebel Foods' latest valuation implies a 8.1x revenue multiple ($1.4B valuation on $173M of revenue).
Which companies are comparable to Rebel Foods?Companies comparable to Rebel Foods include Naixuecha, Kopi Kenangan, Gousto, Country Delight, Lotte and Colowide Co..
How many companies has Rebel Foods acquired?Rebel Foods has acquired 1 company, including Smoor Chocolates.
How many companies has Rebel Foods invested in?Rebel Foods has invested in 4 companies, including Zomoz, Slay Coffee, Biryani Blues and FoodyBuddy.
What was Rebel Foods' last investment?In May 2023, Rebel Foods invested in Zomoz's $2M seed round alongside KYT Ventures.

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