In the midst of a funding crisis, cloud kitchen brand Rebel Foods has added another debt round. Catalyst Trustship (Northern Arc) and Stride Ventures have each provided Rs 75 crore in debt to EatSure’s parent company, which was formerly known as Faasos.
According to regulatory filings with the Registrar of Companies (RoC), the board of Rebel Foods has approved a special resolution to issue 7,500 Series F non-convertible debentures at an issue price of Rs. 1,000,000 per debenture in order to raise Rs. 75 crores.
Stride Venture contributed Rs 50 crore, while Catalyst Trustship put in Rs 25 crore. The Bengaluru-based company raised Rs 225 crore in debt in 2022 from InnoVen Capital, Trifecta Ventures, and Alteria Capital over the course of three rounds.
Rebel Foods asserts to run more than 450 physical restaurants and more than 4,000 online eateries in 70 cities and 10 countries. Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee are just a few of the food brands it manages.
Following a $175 million Series F round led by Qatar Investment Authority in October 2021, Rebel Foods joined the unicorn club. In November 2021, the Sequoia-backed company raised $14.5 million as a top-up to its Series F equity round.
Rebel Foods experienced layoffs, just like a number of growth and late-stage businesses. However, the business claimed that a reorganization within the organization was to blame.
In FY22, the company’s operating revenue increased 2.1X to Rs 859 crore, while its losses increased 54.9% to Rs 564 crore from Rs 364 crore. In an effort to become profitable this year, Rebel Foods recently stated that it is looking to open 100 stores in the next two years.