From Humble Beginnings selling Kathi Rolls in Pune to Building a Global Enterprise: Rebel Foods Raises $210 Million at $1.4 Billion Valuation
From Humble Beginnings selling Kathi Rolls in Pune to Building a Global Enterprise: Rebel Foods Raises $210 Million at $1.4 Billion Valuation
From Kathi Rolls to Cloud Kitchens, Two IIM Grads Build a Global Food Empire
Mumbai-based Rebel Foods, the parent company of popular cloud kitchen brands such as Behrouz Biryani, Faasos, and Oven Story Pizza, has secured a fresh $210 million in funding led by Singapore’s sovereign wealth fund Temasek. The round, comprising a mix of primary and secondary transactions, maintains the company’s valuation at $1.4 billion, unchanged since its last fundraising in 2021 when it entered the unicorn club.
Founded in 2011 by IIM Lucknow alumni Jaydeep Barman and Kallol Banerjee, Rebel Foods has transformed from a small rolls business in Pune into the world’s largest internet restaurant company. The startup pioneered the cloud kitchen model in India, housing multiple cuisine-focused brands under one roof. Today, it operates more than 450 cloud kitchens across 70 Indian cities and international markets including the UAE, UK, and Singapore.
The company’s growth trajectory has been remarkable. Rebel Foods’ revenue grew 2.1x to ₹859 crore in FY22 and surged further to ₹1,420 crore in FY24. Its signature brands Oven Story Pizza, Behrouz Biryani, Mandarin Oak, Sweet Truth, and The Good Bowl have become household names, reflecting the company’s multi-brand strategy and deep consumer connect.
Jaydeep Barman, who previously worked at McKinsey in London, was inspired by Kolkata’s iconic Kathi Rolls to launch Faasos in India. Alongside Kallol Banerjee, who had professional stints at Bosch in Singapore, the duo expanded their menu from rolls to pizzas and later crafted dedicated brands for diverse cuisines. Their decision to embrace cloud kitchens in 2014 proved visionary, allowing them to cut costs, scale rapidly, and adapt to evolving consumer demand.
Over the years, Rebel Foods has attracted marquee investors such as Qatar Investment Authority (QIA), Peak XV Partners, Lightbox, and Coatue. The latest round also saw participation from existing investor Evolvence. While most of the $210 million comprises secondary transactions providing partial exits to early backers, the company has confirmed that a portion of funds will be deployed to expand its brand portfolio and strengthen its omnichannel presence.
Although largely digital-first, Rebel Foods has also experimented with offline formats. Some brands like Wendy’s, for which Rebel Foods holds the India franchise rights, operate through physical outlets. The company also runs eight multi-brand food courts under the EatSure banner, further diversifying its reach.
“The funding reflects investor confidence in Rebel Foods’ long-term strategy and its ability to disrupt the food service industry,” the company said in a statement.
The story of Rebel Foods is a testament to innovation, resilience, and the power of reimagining food delivery for the digital age.
