India-based online restaurant operator Rebel Foods has increased its ongoing series D round to $20.8m following a $5m extension from ride hailing service Go-Jek, according to TechCircle.
Go-Jek invested through its corporate venturing subsidiary, Go Ventures, adding to a $15.8m initial tranche secured by Rebel Foods in March 2019 led by Sequoia Capital India, with participation from Lightbox Ventures and Evolvence India Fund.
The round has a target size of $75m to $100m.
Rebel Foods initially launched as a quick service restaurant under the name Faasos, but eventually pivoted to an online restaurant model consisting of more than 1,600 locations across 18 cities in India.
Customers are able to order food online, but the restaurants offer no option to dine in. Rebel Foods’ offering includes nearly a dozen brands, including a wraps-focused offering that maintains the Faasos name, pizza-focused operations and kitchens specialising in biriyani.
Rebel Foods raised $30m in series C funding in October 2018 from investors including Sistema Asia Fund, a regional investment unit of conglomerate Sistema, as well as Evolvence India Fund, Lightbox, Sequoia Capital and firm Ru-Net.
Lightbox Ventures, Lightbox Expansion Fund, Sequoia Capital India, Ru-Net and RB Investments had previously backed a $6.3m investment in 2017, following a $30m round in 2015 led by Ru-Net, with participation from Sequoia and Lightbox Ventures.
