In a major move that marks its transition from a cloud kitchen operator to a full-fledged omnichannel food services company, Rebel Foods has raised INR 212.7 crore (~USD 25 million) from Qatar Investment Authority (QIA). The funding was done at a USD 1.4 billion (~INR 11,970 crore) valuation, according to multiple sources.
This is a follow-up to the INR 1,710 crore (~USD 200 million) round led by Temasek in late 2024 and comes as the company is gearing up for an IPO in the next 12-18 months.
The Journey
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods has grown from a single-brand, delivery-first model under Faasos to one of the world’s largest internet restaurant companies. It has over 450 cloud kitchens across more than 75 cities in India, and is expanding in the Middle East, Southeast Asia and the UK.
With over 45 brands in its portfolio including Behrouz Biryani, Oven Story Pizza, Sweet Truth, Mandarin Oak, The Good Bowl, SLAY Coffee and recently Wendy’s, Rebel Foods is now redefining its strategy to integrate offline dining experiences with its digital-first model.
Strategic Shift: Omnichannel and EatSure Expansion
The QIA funding will be used to expand physical restaurants and food courts in major cities like Mumbai, Pune, Bengaluru and Delhi. A key focus will be on scaling EatSure, Rebel’s multi-brand food court concept. These outlets bring several of Rebel’s brands under one roof, where customers can dine-in and access multiple cuisines.
Some reports suggested that the company will use most of the funding to set up flagship stores and enhance the EatSure experince. The expansion is also designed to mitigate competition from new food starups and fast-growing quick commerce segment which includes names like Zepto Cafe, Swiggy SNACC and Blinkit Bistro.
This also means Rebel will use brand loyalty built through delivery to create a sticky offline experience, like traditional QSRs like Domino’s or McDonald’s but with the scalability and efficiency of a tech-first food company.
A Quick Look At Financials
Rebel Foods did well in FY24:
- Revenue from operations was INR 1,420 crore, up 19% from INR 1,195 crore in FY23.
- Net losses came down to INR 378 crore from INR 657 crore last year.
- Expenses remained flat at INR 1,857 crore.
Most of the revenue (96.7%) comes from core food sales through cloud kitchens and branded stores. The model is working.
Capital Structure and Investors
With the latest investment, Rebel’s cap table has changed over the past year:
- Temasek is the largest non-founder investor.
- QIA now has 9.9% of the company.
- Founders Barman and Banerjee have around 12%.
- KKR entered the cap table in December 2024 by buying shares from early investors like Coatue Management, Lightbox and Peak XV.
Rebel Foods has raised around INR 6,610 crore (~USD 773 million) so far.
Rebel Foods IPO Plans and Positioning
Rebel Foods is planning to go public by 26 and will be one of the most watched listings in Indian tech and consumer internet space. The company is positioning itself as a full-stack foodtech company with tech-driven logistics, proprietary kitchen infrastructure and brand development and new offerings like QuickiES, its 15-minute food delivery service launched this year.
According to CEO Jaydeep Barman, Rebel Foods is now serving over 2.5 lakh orders daily and has around 9,000 employees globally. The company has already set up 15 kitchens in Dubai and 12 in the UK and is expanding internationally.
Competitive Landscape and Industry Trends
The foodtech and QSR industry is undergoing rapid change:
- Quick commerce, a market expected to reach USD 9.95 billion (~INR 85,074 crore) in India by 2029, is driving consumer expectations around ultra-fast delivery. Curefoods, EatClub, FreshMenu, Biryani By Kilo and Bigspoon are making the cloud kitchen space more competitive.
- Traditional QSR chains are digitizing fast and creating hybrid experiences that combine mobile ordering, delivery and dine-in.
Rebel Foods’ omnichannel strategy—where digital-first brands are brought offline—aims to future-proof its operations, deepen customer engagement and build brand salience beyond the screen.
Conclusion
Rebel Foods’ USD 25 million fundraising from QIA is more than just another funding round—it’s a strategic pivot. As the company gets ready to go public and puts down real-world roots with EatSure and flagship stores, it’s rewriting the rules of food delivery and dining in the digital age.
By betting on physical expansion and tech-driven agility, Rebel is setting itself up to be one of India’s most resilient and innovative food companies—one that straddles the growing segments of cloud kitchens, quick commerce and experiential dining with equal confidence.
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