Cloud Kitchen Startup Rebel Foods Raises $9.1M in Debt Funding from Northern Arc and Stride Ventures

• ByStartupStory     |    April 26, 2023

Rebel Foods, a cloud kitchen startup, has recently raised Rs 75 crore ($9.1 million) in debt funding from investors Northern Arc and Stride Ventures, marking its fourth round of debt financing. Last December, the company raised Rs 55 crore ($6.6 million) from Innoven Capital and Trifecta Capital. Prior to that, it secured Rs 100 crore ($12.2 million) from the same investors. Overall, Rebel has raised over Rs 4,200 crore ($513 million) in a combination of equity and debt funding to date. This funding is expected to aid the company’s expansion plans and improve its operations, ultimately increasing its market share in the competitive food delivery industry.

Rebel Foods has recently secured Rs 100 crore ($12.2 million) in debt funding from investors Northern Arc and Stride Ventures, with Northern Arc investing Rs 25 crore and Stride Ventures investing Rs 75 crore, according to filings with the Ministry of Corporate Affairs. Typically, companies raise debt financing when they are expanding quickly and experiencing cash burn. The funding may be utilized by Rebel to support its working capital requirements, as cloud kitchen businesses can be cash-intensive. Earlier this year, Rebel was among several internet-based companies that reduced their workforce to reduce costs in response to the challenging macroeconomic environment. This funding is expected to assist Rebel’s expansion plans and increase its market share in the highly competitive food delivery sector.

Rebel, which was founded in 2011 by Jaydeep Barman and Kallol Banerjee, owns a chain of online restaurants with 4,000 cloud kitchens, spread across 45 brands, in India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, and the UK. Its rival, Curefoods, recently raised Rs 300 crore in a funding round led by Three State Ventures, a venture capital firm led by Flipkart co-founder Binny Bansal. Curefoods plans to diversify its brands into offline formats and expand its presence in Tier I and II cities in northern and western India using the funds. Rebel may use its latest debt funding round of Rs 75 crore to address working capital requirements as cloud kitchen businesses can be capital intensive.

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