Rebel Foods raises Rs 150 Cr debt from Alteria and InnoVen

Rebel Foods, a leading cloud kitchen unicorn, recently raised Rs 150 crore (approximately $17 million) in debt funding from its existing investors Alteria Capital and InnoVen Capital. This follows a previous funding round from Qatar Investment Authority earlier this year worth $25 million. The company’s board approved issuing 15,000 non-convertible debentures at Rs 1 lakh each, with the debt maturing in September 2028 and carrying a coupon rate of 13.9% per annum. Alteria Capital invested Rs 90 crore while InnoVen Capital contributed Rs 60 crore. Founded in 2011, Rebel Foods operates over 450 kitchens across India, the MENA region, Indonesia, and the UK with a strong portfolio of brands including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, and Wendy's. In 2025, the company also launched QuickiES, a 15-minute food delivery app. Rebel Foods reported revenue of Rs 1,420 crore in FY24, growing from Rs 1,195 crore in FY23, while reducing losses by more than 42% to Rs 378 crore. The company is aiming for an IPO by 2025-26, potentially becoming the first cloud kitchen company to list in India. Its strategic focus includes expanding its delivery network and leveraging digital commerce through ONDC for direct-to-consumer sales. This debt raise highlights Rebel Foods’ growth trajectory and investor confidence amid competitive food tech landscape challenges.