Rebel Foods Extends ESOPs Worth Rs 550 Crore to Kitchen and Corporate Employees

• ByStartupStory     |    June 8, 2023

Rebel Foods, a cloud kitchen startup, has made a significant move by distributing employee stock ownership plans (ESOPs) to more than 5,000 individuals working across 350 kitchens and corporate offices. This latest distribution has raised the total value of ESOPs held by Rebel Foods’ employees to an impressive $65 million (equivalent to Rs 550 crore). The company’s pioneering action has positioned it as the first foodtech firm in India to implement such a widespread ESOP distribution, covering various levels and regions.

Rebel Foods recently unveiled its second consecutive ESOP liquidation program, providing an opportunity for existing shareholders to liquidate their vested options. This program allows both current and former employees of Rebel Foods to convert their vested options into liquid assets within a one-year timeframe.

“Through this ESOP programme, we aim to democratise wealth creation for our team and recognise their passion, customer centricity, and performance. We will continue creating similar opportunities in the future while rewarding our employees for their hard work, contribution, and belief in Rebel’s vision and mission,” Ankur Sharma, Co-founder of Rebel Foods, said.

According to a press statement, Rebel Foods has emphasized that the distribution of ESOPs will foster wealth creation among a diverse range of employees, including kitchen staff, riders, runners, administrative teams, and corporate staff across India, the UAE, and the UK. The company aims to cultivate an entrepreneurial culture and empower its workforce through employee ownership, fostering a sense of shared success and the Rebel Spirit.

Rebel, established in 2011 by Jaydeep Barman and Kallol Banerjee, has built a network of 4,000 cloud kitchens under 45 brands, serving as online restaurants. Its operations span multiple countries, including India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, the UAE, and the UK. Recently, the company secured a debt funding of Rs 75 crore ($9.1 million) from prominent investors, Northern Arc and Stride Ventures. This marks Rebel’s fourth successful round of debt financing.

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