Just a week after Rebel Foods, raised INR. 35 crore debt from Mumbai-based VC firm Alteria Capital, it’s eyeing a valuation of $1 billion. Rebel foods runs cloud kitchens like Faasos, Oven Story Pizza, and Behrouz Biriyani. This is because it’s looking forward to mop up a new round of funding of around $100-150 million.
Read:
Rebel Foods Receives 35 Crores Debt From Alteria Capital
A dozen of virtual restaurant brands are being run by Rebel, where it sells directly through its own application, besides food tech platforms like Zomato and Swiggy. Also, the new funding round comes in less than six months, after the Mumbai-based company had raised its previous round of $125 million, which valued it at $525 million.
In this fresh round of funding, Rebel’s existing backer Coatue Management could be seen investing around $550 million. The remaining capital is supposed to be raised from other existing investors.
Also, Japan’s SoftBank Vision Fund, recently expressed an interest in Rebel again, although it’s yet not sanguine. However, reports say that SoftBank has held discussions with Rebel last year, but nothing fructified.
Also Read:
SoftBank Partner Is Leaving At Its $100 Bn Vision Fund
A major attraction in this sector, is the increasing spends on home delivery with the proliferation of online food delivery applications. In the US, companies like DoorDash and Uber Eats has come up, also companies like Meituan Dianping in China, has become one of the most valued listed internet companies after Alibaba and Tencent.
Uber’s Travis Kalanick had also picked up a small stake in Rebel last year. Rebel is expected to close the year ending March 2020 with total revenues of INR. 600-650 crores, with a current revenue of around INR. 75 crore.