Rebel Foods posts rise in FY24 revenue to Rs 1,420 crore, trims losses

Rebel Foods — the parent of Faasos, Behrouz Biryani and other cloud kitchen brands — posted operating revenue of Rs 1,420 crore for the financial year ended March 31, 2024, up 19% from Rs 1,195 crore in FY23. Its loss reduced 42% to Rs 378 crore in FY24 from Rs 656 crore the previous fiscal year.

The company kept its total expenses in check at Rs 1,857 crore, compared with Rs 1,827 crore in FY23. A significant amount of the expenditure was attributed to the cost of materials consumed, which rose to Rs 613 crore from Rs 577 crore.

Employee benefit expenses reduced to Rs 394 crore from Rs 405 crore, while other expenses fell to Rs 637 crore from Rs 657 crore. The brand had laid off 2% of its workforce in January 2023. Its advertising and sales promotion cost reduced to Rs 133 crore from Rs 197 crore.


"We are able to address large food categories from a single infrastructure through strong brands. Also, during the year, we further strengthened our portfolio on the back of strong customer insights and culinary innovations," the company said in a statement on Friday.

On August 26, ET reported that Singaporean sovereign fund Temasek is in advanced discussions to lead an investment of $100-150 million in the company. The deal will be a mix of primary and secondary share sales and is likely at a lower valuation of around $700 million, said the people.

Started in 2011 by Jaydeep Barman and Kallol Banerjee, the Mumbai-based company has 450 kitchens in 70 cities. Its brands are available in around 10 countries, including the UAE, Saudi Arabia and the UK.

In October 2021, Rebel Foods turned unicorn following a $175-million round led by sovereign wealth fund Qatar Investment Authority, valuing it at $1.4 billion.

Cloud kitchen brands have been seeing moderate growth and expanding their presence offline through their own outlets and franchise stores.

In FY24, Zomato’s food-delivery business posted 23% growth in gross order value to Rs 32,224 crore.

Flipkart founder Binny Bansal-backed Curefoods has secured Rs 500 crore in two tranches this year. On July 10, ET reported that early-stage food and beverages brands are in demand from venture funds and angel investors, with multiple companies having raised funding in recent months.