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Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen

EntrackrEntrackr · 1m ago
Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen
Medial

Exclusive: Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen Foodtech Unicorn Rebel Foods secured Rs 150 crore ($17 million) in debt funding from existing investors Alteria Capital and InnoVen Capital. The debt comes months after its $25 million funding from Qatar Investment Authority. According to its filing sourced from the Registrar of Companies (RoC), Rebel Foods’ board approved the allotment of 15,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise the above-mentioned amount. Alteria Capital invested Rs 90 crore ($10.2 million), while InnoVen Capital contributed Rs 60 crore ($6.8 million). Each debenture carries a coupon rate of 13.9% per annum with a tenure of three years, maturing on September 2, 2028. Rebel Foods declined to comment on the queries sent by Entrackr. Founded in 2011 as a quick-service restaurant, Rebel Foods has grown into one of the largest cloud kitchen operators, with over 450 kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities. Its portfolio includes brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy’s, among others. In February this year, Rebel Foods announced that it had launched its 15-minute food delivery app, QuickiES. According to TheKredible, the Mumbai-based firm has raised approximately $780 million to date, including a $210 million Series G round led by Temasek, comprising a mix of primary and secondary stake. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23. During the same period, the firm cut down its losses by over 42% to Rs 378 crore. It competes with Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.

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Rebel Foods raises $13 Mn debt

EntrackrEntrackr · 1y ago
Rebel Foods raises $13 Mn debt
Medial

Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This is the fifth debt funding for the parent company of EatSure (previously Faasos) after its last equity round in 2021. The board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 110 crore, regulatory filings with the Registrar of Companies (RoC) show. Orbis Trusteeship (through Alteria) has invested Rs 65 crore while Vistra ITCL ( via InnoVen Capital) pumped in Rs 45 crore during the debt round. The tenure of paying Series G1 debt is up to 01 May 2027. According to filings, each debenture issued in the debt round shall be entitled to the interest of 13.90% per annum. The interest shall be payable on a monthly basis. In April last year, it raised Rs 75 crore ($9 million) in debt from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, the Mumbai-based firm received Rs 230 crore across three debt fundings. Rebel Foods operates food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee with more than 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries—India, United Arab Emirates (UAE), Saudi Arabia and the UK. The company is planning to take Oven Story Pizza offline and will open 250-300 outlets over the next two-three years. The Jaydeep Barman-led company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. The Peak XV-backed company raised its last equity round of $14.5 million in November 2021. Rebel Foods’s operating revenue surged to Rs Rs 1,258 crore in FY23 from Rs 856 crore in FY22. According to startup data intelligence platform TheKredible, its losses jumped to Rs 656 crore in FY23 from Rs 564 crore in the previous year. As per media reports, Rebel Foods is planning for an initial public offering (IPO) by 2025, making it the first firm from cloud kitchen space to list on the Indian stock exchange.

Exclusive: Stanza Living secures debt from Alteria and Innoven Capital

EntrackrEntrackr · 2m ago
Exclusive: Stanza Living secures debt from Alteria and Innoven Capital
Medial

Exclusive: Stanza Living secures debt from Alteria and Innoven Capital Managed accommodation provider Stanza Living secured Rs 60 crore (approximately $7 million) in debt funding from Alteria Capital and Innoven Capital. Previously, Stanza Living raised Rs 110 crore ($13 million) in a bridge round led by Alpha Wave, as exclusively reported by Entrackr. The Stanza Living’s board issued 6,000 non-convertible debentures at a face value of Rs 1,00,000 each to raise the above-mentioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alteria Capital invested Rs 35 crore ($4.1 million) while Innoven Capital contributed with Rs 25 crore ($2.9 million) in the round. Founded in 2017, Stanza Living is a managed accommodation startup that offers hassle-free living for students and young professionals moving to new cities. The company claims to have over 75,000 beds across 24 cities in India. The Delhi-based startup has raised over $240 million to date across multiple debt and equity rounds from investors such as Alpha Wave, Peak XV Partners, Accel, and Z47, according to startup data intelligence platform TheKredible. The Accel-backed company is yet to file its financials for FY24 and FY25. In FY23, its revenue rose to Rs 442 crore from Rs 115 crore in FY22, while losses widened 18.71% to Rs 495 crore during the same period. Stanza Living competes with Your-Space, which recently raised Rs 70 crore in debt, and Truliv, which entered into a strategic equity partnership with Bennett, Coleman and Company Limited (BCCL). Other competitors include Colive, Settl, Union Living, and Coho.

Alteria Capital announces final close of Fund III at Rs 1,550 Cr

EntrackrEntrackr · 1y ago
Alteria Capital announces final close of Fund III at Rs 1,550 Cr
Medial

Mumbai-headquartered venture debt firm Alteria Capital has announced the final close of its third fund at Rs 1,550 crore (approximately $187 million). The fund was oversubscribed with a target size of Rs 1,000 crore and a green shoe option. Alteria Capital, which has backed startups such as Rebel Foods, BlueStone, OneCard, Ather and Captain Fresh, will continue backing startups across consumer brands, e-commerce, fintech, logistics, business-to-business platforms, rural and agritech, healthcare, and climate tech. It will also evaluate companies in the Gen AI and spacetech segments. While it closed the venture debt scheme at Rs 1,550 crore, the shorter duration scheme, currently under subscription, is expected to raise around $105 million. The shorter duration scheme is likely to see its final close by the end of 2024. It will be available to all portfolio companies with the average cheque size ranging between Rs 3 crore and Rs 100 crore. The fund has already deployed 50% of the total capital commitments to portfolio companies, including OneCard, Renee Cosmetics, Samunnati, Blissclub, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, BlueStone and Ather.

Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%

EntrackrEntrackr · 1y ago
Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%
Medial

Cloud kitchen posterboy Rebel Foods (formerly Faasos) significantly improved its financial health during the fiscal year ending in March 2024. The Mumbai-based firm achieved nearly 19% growth in scale and reduced its losses by over 40% during the same period. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. The company generated most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. Rebel Foods is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens. A small part of its income also came from commission, storage, franchise, delivery services, compensation on account of cancellation, and royalty. Apart from operating income, the foodtech firm also earned Rs 65.29 crore via interest and gain on financial assets (non-ops income) which increased the overall revenue to Rs 1,485.53 crore in FY24. On the expense front, the cost of materials accounted for 33% of the total burn which increased 6.2% to Rs 613.35 crore in FY24. Employee benefits expenses, however, marginally decreased (2.6%) to Rs 394.92 crore during the last fiscal. This overhead also includes the ESOP expenditure of Rs 46.55 crore, followed by brokerage, commission, and promotional costs. For more details, head to TheKredible. Also read: Decoding the financial health of leading cloud kitchen startups With improved topline, Rebel Foods also managed to keep a check on total expenses which grew mere 1.6% to Rs 1,857 crore in FY24. The firm also cut down its losses by over 42% to Rs 378 crore. As of FY24, the company’s outstanding losses stood at Rs 2,911 crore. The improved bottom line can also be seen via EBITDA margin which bettered to -10.76% in FY24, improving by nearly 2,000 BPS. Rebel Foods recorded an EBITDA loss of Rs 159.83 crore in the same period. FY23-FY24 FY23 FY24 EBITDA Margin -30.33% -10.76% Expense/₹ of Op Revenue ₹1.53 ₹1.31 ROCE -39.65% -35.50% On a unit level, the foodtech major spent Rs 1.31 to earn a rupee of operating revenue during the period. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. The Peak XV-backed firm raised its last equity round in November 2021 and since then it has received nearly $50 million in debt across five tranches. It’s reportedly in talks to raise up to $150 million in a mix of primary and secondary components. Rebel Foods’ major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.

Exclusive: Infra.Market raises $27 Mn in equity and debt

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises $27 Mn in equity and debt
Medial

Construction goods and services platform Infra.Market is raising up to Rs 150 crore (approximately $18 million) in its Series E2 funding round. The new money hit the company’s coffers just three months after the announcement of $50 million from the Mars Fund. The board at Infra.Market has passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213438.7 each to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Out of the total sum of Rs 150 crores, the company has already received Rs 76.3 crores. Amit Vijaysinh Barad and Barad Sanjay Amarsinh have invested Rs 45 crores together, with the remaining funds contributed by various individual shareholders. Importantly, the Tiger Global-backed company also secured Rs 75 crore ($9 million) in debt funding from Innoven Capital. The firm also closed its Rs 150 crore debt round Yubi In July. According to TheKredible estimates, the company has been valued at around $2.6 billion post-allotment. The new funding seems to be part of a $150-200 million round that the company is eyeing. The firm is also preparing for an initial public offering (IPO), and may file its draft red herring prospectus (DRHP) soon. Infra.Market has raised around $540 million across equity and debt To date. According to the startup intelligence data platform TheKredible, Tiger Global remains the largest external stakeholder followed by Accel and Nexus Ventures after the allotment of the fresh infusion. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Its profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix, and Zetwerk, MetalBook, among others. Notably, OfBusiness is also eyeing to get listed on stock exchanges in the next fiscal year (FY26).

Rebel Foods raises $25 Mn from QIA: Report

EntrackrEntrackr · 6m ago
Rebel Foods raises $25 Mn from QIA: Report
Medial

Cloud kitchen company Rebel Foods, which is set for a public-market listing in 2025-26, has reportedly raised $25 million (about Rs 212.71 crore) from Qatar Investment Authority. Mint, which reported the development first, added that the company raised the capital at a valuation of $1.4 billion. The fresh funds will be used to expand its physical restaurants and food courts business. Rebel Foods declined to comment on the story. In December 2021, the firm announced its Series G funding round of $210 million, comprising a mix of primary and secondary share sales. It has raised $773 million to date from KKR, Temasek, Lightbox, Evolvence, and others. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. Its major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods. In February this year, Rebel Foods announced that it has launched its 15-minute food delivery app, QuickiES. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23. The company generates most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. It is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens.

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