 "Rebel Foods cloud kitchen in Mumbai.")
Rebel Foods, which owns popular brands like Faasos, Behrouz Biryani, Oven Story Pizza, and Mandarin Oak, is gearing up for its initial public offering (IPO) and is likely to file its draft red herring prospectus in the latter half of this year, Livemint reported on Friday. It is targeting to list on the Indian bourses in 2025.
With this, it would become the country’s first cloud kitchen business to go public.
Founded in 2011, the Mumbai-based company also uses platforms such as Zomato and Swiggy, apart from its own apps for food deliveries.
It also operates cloud kitchens under brands like The Good Bowl, SLAY Coffee, Sweet Truth, and Wendy’s, apart from operating offline stores in India. Currently, it operates over 450 kitchens in over 70 cities and multiple countries like the UK and Saudi Arabia.
Rebel Foods initially focused on a quick-service restaurant model specialising in kebab rolls. The model was also supplemented by an online ordering option. However, due to the challenges of high rental costs and a notable surge in online orders, prompted the company to shut its outlets and shift its focus exclusively to a cloud-kitchen model in 2016.
The cloud kitchen concept allows companies to deliver a range of cuisines from spaces with lower rents. The kitchen is used for preparing food for delivery or takeout only, with no dine-in customers.
In 2022-23, the company reported a net loss of Rs 670.2 crore as compared to a loss of Rs 520.34 crore in 2021-22. Its revenue, however, grew 19 per cent to Rs 940 crore. According to the company’s regulatory filings, as mentioned in the Livemint report, the directors are “confident” it will break even soon.
