Cloud kitchen startup becomes third India unicorn born this week

Cloud kitchen startup becomes third India unicorn born this week

Cloud kitchen startup becomes third India unicorn born this week

October 07 2021 09:21 PM



An employee makes a sandwich at the Rebel Foods Ltd cloud kitchen in Noida, India. Rebel has become at least the third Indian startup to achieve a billion-dollar valuation this week after securing $175mn in a funding round led by the sovereign wealth fund Qatar Investment Authority.



Bloomberg/Mumbai

Rebel Foods Pvt has become at least the third Indian startup to achieve a billion-dollar valuation this week after securing $175mn in a funding round led by the sovereign wealth fund Qatar Investment Authority.

Existing investors Coatue Management and Evolvence Group joined the funding at a $1.4bn valuation for the Mumbai-headquartered company, which operates cloud kitchens and calls itself the world’s largest Internet restaurant company. The startup said on Thursday it’s exploring an IPO within the next two years.

The startup will focus on growing its international presence, building its ordering and delivery technology and acquire more restaurant brands.

Rebel Foods, which is also backed by Goldman Sachs Group Inc and Sequoia Capital, delivers butter chicken and paneer cottage cheese-topped pizzas to millions of Indians daily. It said it’s growing at 100% annually and moving toward profitability with