Rebel Foods, an India-based virtual kitchen operator backed by ride hailing service Gojek and diversified conglomerate Sistema, aims to raise $100m to $150m in fresh funding, Times of India reported yesterday.
Investment manager Coatue Management is expected to provide approximately $50m for the round, which is set to include undisclosed new and existing backers and value the company at $1bn.
Telecommunications group SoftBank’s Vision Fund has expressed interest in backing Rebel, but TOI noted that discussions between the companies had previously fallen apart because one of the fund’s portfolio companies, hospitality services provider Oyo, is making a push into the sector.
Founded in 2011, Rebel runs a network of more than 300 cloud kitchens that prepare meals for delivery by restaurant partners, rather than offering a sit-in option.
The company initially focused on India but has since expanded into Indonesia, Dubai and the UK. A source told TOI that inbound interest over the past several months had prompted Rebel, which has raised more than $219m in funding altogether, to raise capital.
Rebel received $153m in a series D round that closed in September 2019 with a $28m extension led by investment bank Goldman Sachs and backed by Sistema’s Asia Fund, Northwest Industrial Logistics and Irving Investors.
Gojek’s investment arm, Go-Ventures, had contributed to the $125m first tranche a month earlier alongside Goldman Sachs, Coatue Management, Sequoia Capital India, Lightbox Ventures and Evolvence India Fund at a $525m valuation.
Sistema Asia Fund had previously taken part in Rebel’s $30m series C round in late 2018, which also included Evolvence India, Lightbox Ventures, Sequoia Indian and Ru-Net. The company’s early backers also include RB Investments.
Photo courtesy of Rebel Foods.
