Rebel Foods, an India-based online restaurant backed by corporates Gojek, Sistema and Northwest Industrial Logistics, has collected $50m from hedge fund Coatue Management, the Economic Times has reported, citing a regulatory filing.
The investment follows reports in February this year that the company was looking to raise the money at a $1bn valuation as part of a round sized between $100m and $150m. It has not disclosed details of any additional financing this time but has now raised more than $269m in total.
Founded in 2011 as Faasos Food Services, Rebel Foods operates more than 300 virtual kitchens that cook meals for delivery only, without offering a sit-in option to customers.
The company runs several dedicated brands, including the wrap-focused Faasos, Oven Story for pizzas and Mandarin Oak for Chinese cuisine. It initially focused on India but has since expanded into Indonesia, Dubai and the UK.
Rebel Foods closed a $153m series D round in September 2019 featuring diversified conglomerate Sistema’s Asia Fund, ride hailing service Gojek’s Go-Ventures unit and Northwest Industrial Logistics, a real estate operator focused on virtual kitchens.
Goldman Sachs, Irving Investors, Coatue Management, Sequoia Capital India, Lightbox Ventures and Evolvence India Fund also contributed to the series C round.
Sistema Asia Fund had already backed the company’s $30m series C round in late 2018 together with Evolvence India, Lightbox Ventures, Sequoia Indian and Ru-Net. Its other shareholders include RB Investments.
Image courtesy of Rebel Foods.
