NEW DELHI -- Cloud kitchen startup Rebel Foods entered the unicorn club after raising $175 million in its Series F funding round led by sovereign wealth fund Qatar Investment Authority (QIA), with a valuation of $1.4 billion.
The financing also saw participation from existing investors Coatue and Evolvence, the Mumbai-based company said in a statement on Thursday.
Rebel Foods said that it is moving toward profitability, with annual run rate sales of $150 million, rising 100%, year-on-year.
"While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way. This round of funding will be reinvested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an IPO in the next 18 to 24 months," said Piyush Kakkad, Rebel Foods' chief financial officer.
Founded in 2011 by INSEAD alumni Jaydeep Barman and Kallol Banerjee, Rebel Foods has become the 31st unicorn to emerge from the Indian startup ecosystem this year and the first in the cloud kitchen space. A cloud kitchen restaurant prepares food exclusively for delivery and does not offer dine-in service.
Rebel Foods manages more than 45 brands and 450 kitchens globally across 10 countries and regions: India, Indonesia, the United Arab Emirates, the U.K., Singapore, Malaysia, Thailand, Hong Kong, the Philippines and Bangladesh. It also operates over 4,000 internet restaurants.
Goldman Sachs acted as the exclusive financial adviser and Shardul Amarchand Mangaldas acted as the legal adviser to Rebel Foods on the transaction.
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