Foodtech brand Fasoos’s parent Rebel Foods raises $25 million in Series D round from Goldman Sachs, other investors

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Rebel Foods, owned by Fasoos has raised $25 million (approx ₹177 crore) in its Series D round from Goldman Sachs and other investors.

With the Series D funds, Pune-based foodtech player plans to expand its network of kitchens from 200 to 500 and expand to Dubai and Indonesia, before expanding to other countries in Southeast Asia.

Also, it may invest in automation and robotics, which will help reduce manual labour in its kitchens.

While, according to sources, the company has allotted Series D CCPS (Compulsorily Convertible Preference Shares) and equity shares to multiple investors.

Whereas, CCPS allotment has been done at a nominal value of INR 1000 with a premium of INR 4,94,392.27 per share and equity allotment has been done at a nominal value of INR 10 and a premium of INR 4,94,392.27 per share, the sources added.

Post investment, Goldman Sachs will have 4.74 per cent stake in the company.

Rebel Foods was founded by Jaydeep Barman and Kallol Banerjee in 2010. It started out as a quick-service restaurant (QSR) and is now a multi-brand cloud kitchen model that has established brands like Faasos, Oven StoryFirangi BakeMandarin OakKettle & Eggs, and Behrouz under Rebel Foods.

The firm currently currently operates a network of 235 cloud kitchens in 20 Indian cities with an order volume of two million per month.

Also, the company has launched 1,600 internet restaurants in India across 11 brands.

In the cloud kitchen startup category, other players in the race constitutes Biryani By KiloBox8FreshMenuUberEats, InnerChef, Swiggy and Zomato.

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