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Rebel Foods , parent of Faasos, Behrouz Biryani and other cloud kitchen brands , posted an operating revenue of Rs 1,420 crore for the financial year ended March 31, 2024, up from Rs 1,195 crore in FY23. The company also reduced its losses by 42%, bringing it down to Rs 378 crore in FY24 from Rs 656 crore a year ago. The firm has managed to keep its total expenses in check at Rs 1,857 crore, compared to Rs 1,827 crore in FY23.
A significant amount of the expenditure was attributed to the cost of materials consumed worth Rs 613 crore, employee benefit expenses of Rs 394 crore, along with other expenses. On August 26, ET reported that Singaporean sovereign fund Temasek is in advanced discussions to lead an investment of $100-150 million in the company. The deal will be a mix of primary and secondary share sales and is likely at a lower valuation of around $700 million, said the people.
ETtech Started in 2011 by Jaydeep Barman and Kallol Banerjee, the Mumbai-based company has 450 kitchens in 70 cities while its brands are available in around 10 countries, including the United Arab Emirates (UAE), Saudi Arabia and the UK. In October 2021, Rebel Foods turned unicorn following a $175-million round led by sovereign wealth fund Qatar Investment Authority (QIA), valuing it at $1.4 billion.
Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Cloud kitchen brands have been seeing moderate growth and are expanding their presence offline through their own outlets or franchise stores. Flipkart founder Binny Bansal-backed Curefoods has secured Rs 500 crore in two tranches this year . On July 10, ET reported that early-stage food and beverages brands are in demand from venture funds and angel investors, with multiple companies having raised funding in recent months.
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