India-based online restaurant operator Rebel Foods has received $125m in a series D round backed by ride hailing service Go-Jek, Bloomberg reported yesterday.
Go-Jek supplied $5m early last month through its corporate venturing division, Go Ventures, to bring the round’s total to $20.8m. Sequoia Capital India had led a $15.8m first tranche in March 2019, investing together with Lightbox Ventures and Evolvence India Fund.
Investment banking firm Goldman Sachs and hedge fund manager Coatue Management were identified by Bloomberg as additional participants in the round, which valued the company at $525m.
Rebel Foods operates a network of 235 virtual kitchens, which prepare dishes to be exclusively delivered to customers rather than offering a dine-in option. The kitchens are typically located in industrial complexes or side-alleys where rent is low.
The company has created close to a dozen different brands, covering items such as pizzas, wraps and biryani.
The money will be used by Rebel to expand into Southeast Asia and the Middle East, with a key focus on opening 20 locations in the United Arab Emirates by the end of 2019. It also intends to collaborate with Go-Jek on the establishment of 100 kitchens in Indonesia.
Sistema Asia Fund, a regional investment vehicle for diversified conglomerate Sistema, took part in Rebel’s $30m series C round in October 2018 together with Evolvence India, Lightbox Ventures, Sequoia and Ru-Net.
The latter four had previously joined RB Investments to supply $6.3m for the company in 2017, after Ru-Net had led a $30m round in 2015 that included Sequoia and Lightbox.
