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Cloud kitchen brand Rebel Foods raises Rs 75Cr in debt led by Alteria Capital and InnoVen Capital

ISN Team
New Update
rebel foods

Cloud kitchen brand Rebel Foods has raised Rs 110 crore in debt funding. The debt comes from Alteria Capital and InnoVen Capital, marking the fifth instance of debt funding for the company since its last equity round in 2021. 

The funds were raised through the issuance of 11,000 Series G1 non-convertible debentures at Rs 1,00,000 per debenture. 

Who are the key investors in this debt round?

Alteria Capital and InnoVen Capital are the primary investors in this debt round. Alteria, through Orbis Trusteeship, invested Rs 65 crore, while InnoVen Capital, via Vistra ITCL, contributed Rs 45 crore.


The debentures have an annual interest rate of 13.90%, and interest payments are due monthly. This debt funding has a tenure extending up to May 1, 2027.

How well Rebel Foods is performing financially?

Rebel Foods has been actively securing debt financing over the past few years. In April last year, it raised Rs 75 crore from Catalyst Trusteeship (Northern Arc) and Stride Ventures. 

In 2022, the company raised Rs 230 crore across three separate debt funding rounds.

The company's operating revenue increased significantly to Rs 1,258 crore in FY23 from Rs 856 crore in FY22. However, its losses also rose to Rs 656 crore in FY23 from Rs 564 crore the previous year.

Focused on expansion

Rebel Foods is expanding its operations and presence both domestically and internationally.

The company plans to take its brand, Oven Story Pizza, offline and open 250-300 outlets over the next two to three years. Currently, Rebel Foods operates over 450 kitchens in more than 70 cities across India and has a presence in the United Arab Emirates (UAE), Saudi Arabia, and the UK. 

Notably, It is reportedly planning for an initial public offering (IPO) by 2025.