Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%

Cloud kitchen posterboy Rebel Foods (formerly Faasos) significantly improved its financial health during the fiscal year ending in March 2024. The Mumbai-based firm achieved nearly 19% growth in scale and reduced its losses by over 40% during the same period.

Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies.

The company generated most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. Rebel Foods is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens.

A small part of its income also came from commission, storage, franchise, delivery services, compensation on account of cancellation, and royalty. Apart from operating income, the foodtech firm also earned Rs 65.29 crore via interest and gain on financial assets (non-ops income) which increased the overall revenue to Rs 1,485.53 crore in FY24.

On the expense front, the cost of materials accounted for 33% of the total burn which increased 6.2% to Rs 613.35 crore in FY24.

Expenses Breakdown

FY23

Total ₹ 1

FY24

Total ₹ 1

• Cost of materials

• Employee benefits

• Brokerage and commission

• Advertising

• publicity and sales promotion

• Gas and other utilities

• Others

To check complete Expense Breakdown visit thekredible.comView full data

Employee benefits expenses, however, marginally decreased (2.6%) to Rs 394.92 crore during the last fiscal. This overhead also includes the ESOP expenditure of Rs 46.55 crore, followed by brokerage, commission, and promotional costs. For more details, head to TheKredible.

Also read: Decoding the financial health of leading cloud kitchen startups

With improved topline, Rebel Foods also managed to keep a check on total expenses which grew mere 1.6% to Rs 1,857 crore in FY24. The firm also cut down its losses by over 42% to Rs 378 crore.

Revenue Breakdown

FY23

Total ₹ 1

FY24

Total ₹ 1

To check complete Revenue Breakdown visit thekredible.comView full data

As of FY24, the company’s outstanding losses stood at Rs 2,911 crore.

The improved bottom line can also be seen via EBITDA margin which bettered to -10.76% in FY24, improving by nearly 2,000 BPS. Rebel Foods recorded an EBITDA loss of Rs 159.83 crore in the same period.

FY23-FY24

	FY23	FY24
EBITDA Margin	-30.33%	-10.76%
Expense/₹ of Op Revenue	₹1.53	₹1.31
ROCE	-39.65%	-35.50%

On a unit level, the foodtech major spent Rs 1.31 to earn a rupee of operating revenue during the period.

Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. The Peak XV-backed firm raised its last equity round in November 2021 and since then it has received nearly $50 million in debt across five tranches. It’s reportedly in talks to raise up to $150 million in a mix of primary and secondary components. 

Rebel Foods’ major  competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.