Goldman-Backed Rebel Foods Seeks Funds to Expand Cloud Kitchens

An employee prepares an order inside a Rebel Foods Pvt cloud kitchen in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Goldman-Backed Rebel Foods Seeks Funds to Expand Cloud Kitchens

Indian cloud-kitchen operator Rebel Foods Pvt Ltd. is looking to raise at least $200 million in fresh funding, according to people familiar with the matter.

The local partner of U.S. fast food operator Wendy’s Co. is working with Goldman Sachs Group Inc. on the fundraising, the people said, asking not to be identified as the information is private. Rebel Foods is considering seeking a valuation in the round of close to $2 billion, one of the people said. The company will use the funds to expand its business both in India and overseas, another person said.

Deliberations are ongoing and details of the fundraising such as size and valuation are subject to change, they said. Representatives for Goldman Sachs and Rebel Foods declined to comment.

Rebel Foods specializes in so-called cloud kitchens, restaurants that prepare food exclusively for delivery rather than serving dine-in or even takeaway customers.

Co-founded by Jaydeep Barman and Kallol Banerjee, the company counts Goldman and Sequoia Capital among its early backers, Bloomberg News has reported. Last year, Rebel Foods sealed a strategic partnership with Wendy’s to open about 250 cloud kitchens across India.

The company has 350 kitchens in 45 cities across six countries, according to its website. In addition to Wendy’s, it operates brands including Faasos, Behrouz Biryani and Mandarin Oak.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.