Cloud kitchen unicorn Rebel Foods announces $10 million Esop liquidation

New Delhi: Rebel Foods, which operates a network of cloud kitchens and digital brands, on Friday announced a $10 million employee stock ownership plan (Esop) liquidation programme for eligible current and former employees.

This year, over 150 present and former Rebel Foods employees were given the opportunity to liquidate their vested options through this programme. The opportunity is only available once every year. Every year, the corporation will set aside a sum to allow for such liquidation, the company said.

The liquidation was open to everyone who had vested options by October 31, 2021.


“The $10 million Esop programme will offer significant wealth creation opportunities for those who have joined us in our mission of building and scaling a platform for great quality brands across all customer food missions in every neighbourhood in the world,” Ankur Sharma, cofounder of Rebel Foods said.

Rebel Foods secured $175 million in funding led by Qatar Investment Authority (QIA), the country's sovereign wealth fund, in October of last year. Coatue and Evolvence India, both existing investors, also took part. The firm was valued at $1.4 billion after the investment round, booking itself a spot in the unicorn club.

Rebel Foods had said in October 2021 that it planned to launch its IPO in the next 18-24 months.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods created brands such as Faasos, Behrouz Biryani, Ovenstory Pizza and Mandarin Oak. Last year, it took over the India cloud kitchen franchise of US burger brand Wendy’s.

Five top executives, including Sharma, were promoted to cofounders of Rebel Foods in 2020.