Coatue to lead $76 mn Series D in cloud kitchen Rebel Foods

Rebel Foods, which owns and operates cloud kitchen brand Faasos, biryani brand Behrouz and pizza brand Ovenstory Pizza, is set to raise between $65.9 million and  $76.1 million (Rs 454.5 crore- Rs 524.4 crore at the current exchange rate) from Coatue Management, a technology focussed hedge fund headquartered in California and other investors.

The round is part of the company’s extended Series D fundraising round, and Coatue is likely to be the lead investor, according to the company’s filings with the ministry of corporate affairs. 

GoJek, the  Indonesia-headquartered on-demand cab-hailing service, food and payments provider, had invested $5 million in the company in July at a valuation of $375 million (Rs 2,588.17 crore then).

The company saw an infusion of $15.8 million (Rs 110 crore then) from existing investor Sequoia in March. 

Jaydeep Barman, co-founder of Rebel Foods, did not respond to specific queries from TechCircle until the time of publishing this story.

Barman had earlier confirmed the company was looking to raise a Series D round of $75 million - $100 million from new investors. Goldman Sachs is also likely to participate in the ongoing round, according to news reports. 

Rebel Foods operates 176 cloud kitchens, which are delivery-only services across 15 cities in India. The cloud kitchen sector has seen new entrants with hotel booking platform OYO as well as food technology companies like Swiggy expanding their presence.

Existing player FreshMenu, however, is struggling to raise fresh funds.  

Mumbai-based Rebel Foods managed to increase its revenue by 67% in the financial year 2017-18 to Rs 149 crore from Rs 89 crore in the previous year.