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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.

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

EntrackrEntrackr · 1d 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.

Rebel Foods launches 15-min food delivery app ‘QuickiES’

EntrackrEntrackr · 7m ago
Rebel Foods launches 15-min food delivery app ‘QuickiES’
Medial

Rebel Foods launches 15-min food delivery app ‘QuickiES’ Cloud kitchen unicorn Rebel Foods is making a foray into the 15-minute food delivery segment to compete with foodtech giants like Zomato and Swiggy. In a LinkedIn post, EatSure co-founder and CEO Sagar Kochhar announced that Rebel Foods has launched its 15-minute food delivery app, QuickiES. Co-founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates a network of cloud kitchens and restaurants across multiple countries. It owns and operates several quick-service restaurant (QSR) brands, including Behrouz Biryani, Mandarin Oak, Oven Story Pizza, Sweet Truth, LunchBox, The Good Bowl, Firangi Bake, The Biryani Life, and Wendy’s. Rebel Foods claims to operate over 450 cloud kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities. In FY24, the company’s revenue from operations increased to Rs 1,420 crore, while its losses narrowed by more than 42% to Rs 378 crore during the same period. The Mumbai-based startup has raised $773 million in funding to date from investors such as KKR, Temasek, Lightbox, Evolvence, and others. The instant food delivery market is becoming increasingly competitive, with Zepto launching a dedicated app for Zepto Cafe, promising 10-minute food deliveries. Meanwhile, Zomato-owned Blinkit has introduced Bistro, a standalone app for instant food delivery. Similarly, Swiggy has launched a standalone app, SNACC, for 15-minute food delivery. Zomato has also entered the quick food delivery segment, while emerging platforms like Swish, Magicpin, and Zing are gaining momentum.

Rebel Foods raises $25 Mn from QIA: Report

EntrackrEntrackr · 4m 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.

Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24

EntrackrEntrackr · 6m ago
Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24
Medial

Wow! Momo saw 14% growth in operating revenue in FY24, it fell far short of the 88% year-on-year surge recorded in FY23, indicating a slowdown in growth. However, the Tiger Global-backed firm managed to keep its losses stable, remaining flat for the fiscal year ending March 2024. Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company claims to have a network of 630 outlets across 35 cities and a workforce of 6,000 employees. Revenue from the sale of momos, food, and beverages contributed 97% of the total operating income, which grew by 11.5% to Rs 456 crore in FY24. The remaining revenue came from frozen momo sales. Wow! Momo also added Rs 9 crore from interest on deposits, bringing the overall revenue to Rs 479 crore in the last fiscal year. For the QSR firm, the cost of material procurement formed 26.6% of total expenditure, increasing 15.3% to Rs 158 crore in FY24 in line with revenue growth. Employee benefit expenses declined 27.7% to Rs 120 crore in the previous fiscal year. Expenses related to power/fuel, rent, advertising, commissions, finance costs, and other overheads contributed to a 11.9% rise in total expenditure, reaching Rs 593 crore in FY24. The 13.8% increase in scale, along with controlled expenses, helped Wow! Momo maintain steady losses at Rs 114 crore in FY24. Its ROCE and EBITDA margin stood at -8.33% and 7.93%, respectively, with an expense-to-revenue ratio of Rs 1.26. By the end of FY24, Wow! Momo's total current assets were recorded at Rs 250 crore, including Rs 175 crore in cash and bank balances. Wow! Momo has raised over Rs 600 crore to date, including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Treeline Investment. Wow! Momo is reportedly aiming for Rs 650 crore in revenue in FY25 with improved unit economics and has its sights set on going public in 2027.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

EntrackrEntrackr · 10m ago
Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATS’s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATS’s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The company’s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATS’s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25

EntrackrEntrackr · 8m ago
Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25
Medial

Fintech firm Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25) on Monday. The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period. According to Paytm’s unaudited consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 35.9% year-on-year from Rs 2,850 crore in Q3 FY24 to Rs 1,828 crore in Q3 FY25. However, on a quarter-on-quarter basis, the firm recorded a 10% increase in revenue compared to Q2 FY25 (the preceding quarter). Income from payment service revenue accounted for 55% of the total operating revenue which stood at Rs 1,003 crore in Q3 FY25 while the revenue from financial and marketing services were recorded at Rs 502 crore and Rs 267 crore in the same period. The company also added Rs 189 crore from other non-operating sources, bringing its overall revenue to Rs 2016.5 crore in Q3 FY25. For the fintech firm, its employee benefits remained the largest cost center accounting for 34% of the overall cost which decreased by 36% to Rs 756 crore in Q3 FY25. This includes Rs 182 crore as ESOP cost (non-cash). Its payment processing charges and marketing costs were reduced by 42% and 48.7% to Rs 570 crore and Rs 141 crore respectively in Q3 FY25 from Rs 982 crore and Rs 275 crore in Q3 FY24. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,220 crore in Q3 FY25 from Rs 3,216 crore in Q3 FY24. A reduction across all overhead departments enabled Paytm to narrow its losses by 6.3% to Rs 208 crore in Q3 FY25 from Rs 222 crore in Q3 FY24.

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