Rebel Foods ups its investment in Zomoz

• ByStartupStory     |    November 29, 2022

On Monday, the quick-service restaurant chain Zomoz announced that Rebel Foods Pvt Ltd, an existing investor, had provided additional funding as part of its $2 million round. According to people familiar with the matter, Rebel Foods invested roughly Rs 4 crore in Zomoz, despite the company withholding the exact amount.

Rebel Foods said in a statement that it has increased its interest in Zomoz as a result of this capital raise. The Hyderabad-based Zomoz will use the additional money to increase both its retail presence in the operational areas and the UAE.

Zomoz, a company that specializes in momos and baos and was founded in 2015 by ISB alumni Shouvik Dhar, has several locations throughout Bangalore, Chennai, Kolkata, Mumbai, Pune, Mysore, and Mangalore. The site asserts that since receiving its initial funding in October last year, its monthly sales have multiplied by more than two.

“Momos as a category has always leaned on impulse purchase. As a subcategory of fast food, we believe that this segment is at an inflection point and has garnered widespread demand from all corners of the country. Zomoz is committed to sustainability, which is fulfilled through our sourcing and packaging,” Dhar said. 

The online kitchen brands Faasos and Behrouz Biryani are owned by Rebel Foods, which was founded in 2011 by Jaydeep Barman and Kallol Banerjee. It presently runs over 45 brands in ten nations, including Bangladesh, India, Indonesia, the United Arab Emirates, the United Kingdom, Singapore, Malaysia, and Thailand. Rebel Foods acquired a small share in Zomoz for an undisclosed sum in November last year. It had previously raised $175 million in its Series F round of fundraising, which was coordinated by the Qatar Investment Authority (QIA).

Coatue Management and Evolvence India Fund, two previous investors, also took part in this round. The deal allowed the business, which was valued at about $1.4 billion, to join the exclusive unicorn club.

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