Rebel Foods, the parent company of popular brands like Faasos and Behrouz Biryani, have raised Rs. 35 crore debt from Mumbai-based venture capital firm Alteria Capital. There are 325 online kitchens that operate under Rebel Foods and recently the company has expanded to Indonesia, Dubai and the UK.
Founded by Jaydeep Barman and Kallol Bannerjee, the company is currently valued at $500 million and raised $120 million in equity last year. They have attracted investors such as Goldman Sachs and Sequoia Capital.
With Alteria investing in them, it would be using the funding from its first fund of Rs 960 crores. They also have invested in the delivery application, Dunzo.
The Managing Partner at Alteria, Vinod Murali, has said in a statement to a national publication that their work with Jaydeep and his team has seen phenomenal growth as well as successful diversification of brands adopted by the company.
The companies’ major competitors would be Biryani By Kilo, Box8, FreshMenu, InnerChef and delivery giants Zomato and Swiggy.