Unpacking Rebel Foods’ Series F Round and Cap Table

Cloud kitchen brand Rebel Foods recently raised $ 175 million in its Series F round led by the Qatar Investment Authority and invested in existing investors. The investment marked the entry of the first full-stack food tech company into the coveted club of unicorns.

Unlike aggregators, full-stack platforms control every part of the grocery store: from cooking to delivery. In addition to its own app, Rebel uses online ordering platforms such as Swiggy and Zomato as sales channels.

During the most recent funding round, Rebel Foods did not disclose details such as the stake acquired by the round leader and the new stake. Trickypedia deciphered these details along with the lap split through the company’s regulatory filings.

Rebel Foods has allocated 122,647 Series F Preferred Shares at an issue price of Rs.115,575.66 per share to raise Rs 1,417.5 billion, or $ 189 million. QIA led with 1012.5 billion rupees, followed by Coatue and Evolvence India, which invested 243 billion rupees and 162 billion rupees, respectively.

Following the reallocation, Sequoia remains the company’s largest shareholder with 27.5%. Coatue and Lightbox are the closest on the cap table at 21.44% and 10.75%, respectively. Rebel Foods co-founder and CEO Jaydeep Barman has a 9.13% stake in the company.

Food of the rebels

The main investor in this round, QIA, has acquired a 9.09% stake in Rebel Foods.

answer to TrickypediaInquiries, Rebel Foods said its valuation after the Series F round was $ 1.42 billion. However, she did not comment on the structure of the shareholding.

Rebel Foods became the 31st unicorn this year and the first from the foodtech sector. The company owns domestic brands such as Faasos, Behrouz Biryani and Ovenstory Pizza and claims to operate more than 45 brands in 10 countries including India, Indonesia, the United Arab Emirates, UK, Singapore and others.

On Wednesday, the company announced that it is expanding its presence in the Southeast Asian markets through its old partner, Foodpanda. According to its own information, the company intends to bring more than 10 online grocery brands to market in over 2,000 stores across Asia.

Rebel Foods sources more than 60% of its order volume from Swiggy and Zomato. The company is also preparing for a public listing and is working towards an IPO in the next 18-24 months.

With this, the Jaydeep Barman-led company joins several growth and late-stage companies, including Byyus, Urban Company, Cars24, and CarDekho, which are considering listing sometime in 2023.

Rebel Foods competes directly with Box8 while its portfolio attracts competition from multiple brands and various cloud kitchens. The company recently acquired a minority stake in an omnichannel Biryani chain: Biryani Blues.

To update: We updated the headline and corrected the story to indicate that Sequoia is the largest shareholder in Rebel Foods. SGI is part of Sequoia that was portrayed as a separate stakeholder in the previous version of the story.

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