Exclusive: Rebel Foods secures Rs 100 Cr debt from InnoVen and Trifecta

Cloud kitchen brand Rebel Foods has raised Rs 100 crore in a debt round from InnoVen Capital and Trifecta Capital. This is the second debt fund for the Pune-based company in 2022.

The board at Rebel Foods has passed a special resolution to issue 10,000 Series E Non-convertible debentures at an issue price of Rs 1,00,000 per share to raise 100 crores or $12.5 million, a regulatory filing with the Registrar of Companies (RoC) shows.

Innoven and Trifecta both infused Rs 50 crore each.

The Sequoia-backed company raised Rs 75 crore in debt from Alteria Capital in September while its last equity tranche came in November 2021.  Earlier this year, the firm also provided $10 million worth ESOP buyback to 150 former and current employees. The company attained unicorn status with a $175 million Series F round in October last year.

Rebel Foods runs 4,000 cloud kitchens across 45 brands such as Faasos, Behrouz Biryani, and Ovenstory Pizza. Apart from India, the company also has operations in  Indonesia, the UAE, the UK, Singapore, Malaysia et al.

While Rebel Foods is yet to file its financial statements for FY22, its operating revenue dropped by 27.5% to Rs 405.1 crore in FY21 which was impacted by the pandemic. Akin to its scale, the firm’s losses also declined 20% to Rs 364.12 crore during the fiscal year ending March 2021.

According to Fintrackr, Rebel Food has raised $520 million in equity and debt rounds. It was last valued at around $1.4 billion (post-money).

Over the past few months, several growth and late-stage startups have raised funds via debt or via convertible notes. Recently, business-to-business e-commerce major Udaan raised $120 million in convertible notes and debt led by existing shareholders and bondholders. Byju’s also took a collateral free loan of Rs 300 crore or $36.5 million from its wholly-owned subsidiary Aakash Educational Services Limited.

As per data compiled by Fintrackr, Reevoy, Perfios, HomeLane, Epigamia, Ather Energy, and Mobikwik also raised debt funds in the ongoing calendar year.