Rebel Foods’ revenue grew 19% to Rs 1,420 crore; losses narrowed to Rs 378 crore in FY24

Rebel Foods CEO Jaydeep Barman

Rebel Foods, the cloud kitchen startup that runs brands such as Faasos, Oven Story, and Behrouz Biryani and others, generated a revenue of Rs 1,420 crore in FY24, a 19 percent increase from Rs 1,195 crore in FY23, regulatory filings showed.

The Mumbai-based company also managed to reduce losses by 42 percent from Rs 657 crore in FY23 to Rs 378 crore in FY24.

The bottom line has improved at a time when the startup is preparing to raise $120 million from Temasek. The round, which has been in the works for ab0ut a year, has inched closer to the final stages because Rebel Foods has reined in expenses and improved its financial health, Moneycontrol had first reported earlier this week. 

In FY24, Rebel Foods incurred Rs 1,857 crore in total expenses largely flat on year-on-year (YoY) basis, the filings showed. Cost of materials consumed, employee benefit expenses, commissions to companies like Zomato and Swiggy were some of the main cost components for the company.

Despite the improved financial health, Rebel Foods, in line with other late-stage companies, has seen its valuation reduce from around $1.4 billion in 2021 to $1 billion now as it faces competition from Binny Bansal-backed Curefoods, Tiger Global-funded Eatclub and other players in the space.

Rebel Foods, similar to other consumer companies, is also planning to double down on its omnichannel play by expanding its offline presence. It aims to have a total of 100-250 physical outlets and even toyed with the idea of an offline food court, where all its nine brands will be available under the same roof.