Cloud kitchen unicorn Rebel Foods announces ESOP liquidation worth $10 mn

Rebel Foods, the world’s largest internet restaurant company, announced a $10 million employee stock ownership plan (ESOP) liquidation programme for eligible current and former employees.

ESOPs or employee stock ownership plans are investments in company’s shares given to employees by the company. Through this programme, Rebel Foods’ over 150 current and former employees were given an opportunity to liquidate their vested options this year. Under the ESOP program by Rebel Foods, employees can liquidate the ESOPs periodically without terms and conditions. The opportunity can be availed once in a one-year period. The company will set aside a pool of funds every year to enable such liquidation.

“Rebel Foods is proud of each and every employee in the company. We appreciate their contribution and faith in the company," Ankur Sharma, co-founder of Rebel Foods. "Our success and achievements would not be possible without the efforts of our teams across geographies. The $10 million ESOP program 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."

All those who had vested options by October 31, 2021, were eligible for the liquidation. The move comes at a time when Rebel Foods is aiming for a widespread expansion and growth trajectory post committing $150 million for strategic brand investments and acquisitions in India and globally. The company attained unicorn status with its Series F funding of $175 million in October 2021.

"We will continue creating similar opportunities in the future while rewarding our employees for their hard work, contribution and belief in Rebel’s vision and missions," said Sharma.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods started its journey with Faasos in Pune. From becoming a unicorn to Faasos crossing over 500 restaurants and becoming the largest Indian-origin QSR chain, Rebel Foods has achieved notable milestones over the years. Rebel Foods currently is home to  over 45 brands in 10 countries.

It is home to brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth and Wendy’s.