Goldman Sachs and others investing Rs 200 Cr in Rebel Foods Series D round

After raising about Rs 564 crore a week and a half ago, cloud-kitchen brand Rebel Foods (earlier Faasos) is closing another Rs 200 plus crore tranche led by Goldman Sachs in its ongoing Series D round. Sistema Asia Fund, Northwest Industrial Logistics and Irving Investors would also be taking part in this tranche.

The Mumbai-based firm had raised about Rs 500 crore from Coatue PE Asia and Rs 64 crore from Go-Jek earlier this month. While the company was valued about Rs 3,000 crore in the previous tranche, Goldman Sachs has valued Rebel Foods over Rs 3,500 crore.

This is a significant jump of around Rs 500 crore in its valuation after its last tranche of Series D round. According to RoC filing with MCA, Goldman Sachs will invest anywhere between Rs 159.76 crore and Rs 173.8 crore in the company. Sistema Asia Fund would pour Rs 10-11 crore and a similar contribution from Irving as well.

Partner at Darsana Capital Partners - Daniel Irom and Arvind Bhaskar (VP at JP Morgan) will also contribute about Rs 1 crore each.

Rebel Foods has emerged as the third most-valued food-tech firm in India after Swiggy and Zomato. 

Post investment, Goldman Sachs will have 4.74% stake in the company while Sistema will hold 1.74%.

Lightbox VC and Coatue are the two most substantial stakeholders in Rebel Foods after Sequoia. Each holds a little over 13% stakes in the Mumbai-based firm. Russian investor Ru Net and founder Jaydeep Barman will hold 4.6 and 9.93% respectively.

For the unaware, Rebel Food runs multi-brand cloud kitchens. It owns brands such as Faasos, Oven Story, Firangi Bake, Mandarin Oak, Kettle & Eggs, and Behrouz. According to industry estimates, it generates about 60% of its demand via online food ordering majors – Swiggy, Zomato and UberEats.