Rebel Foods seeks nod to invest up to Rs 35 crore in Bengaluru start-up

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New Delhi | Published: October 15, 2019 3:10:06 AM

The company reported revenues of `1.9 crore in the year to March 2018 against expenses of `6.5 crore.

Rebel Foods, internet kitchen brands, Berhouz Biryani, Rebel Foods shares, Dropkaffe Food and Beverages,paper.vc, Rebel Foods investments, Rebel Foods funding, Rebel Foods stocks, food delivery near meThe proposed investment comes two months after the firm raised about 5 million in funding from US-based Coatue Management, Goldman Sachs and Indonesia-based ride-hailing firm Go Jek.

Rebel Foods, that operates internet kitchen brands like Faasos and Berhouz Biryani, is seeking shareholder approval to invest up to `35 crore in Bengaluru-based start-up Dropkaffe Food and Beverages, according to filings sourced from business signals platform paper.vc. The investments may be in one or more tranches, the documents showed.

The proposed investment comes two months after the firm raised about $125 million in funding from US-based Coatue Management, Goldman Sachs and Indonesia-based ride-hailing firm Go Jek. Earlier this year, Rebel Foods also raised about $16 million in fresh funding from existing backers Lightbox Ventures II, Lightbox Expansion Fund and Sequoia Capital India Trust.

Founded in 2011, the firm, whose income saw a jump of 67.34% in the year to March 2018 from FY17, now runs 1,600 internet restaurants in 18 cities across the country. Total income generated in FY18 stood at `149.04 crore compared to an income of `89.06 crore reported in FY17. Losses, however, remained elevated, decreasing only marginally to `74.44 crore in FY18 compared to losses of `82.03 crore in FY17, according to documents sourced from business intelligence platform Tofler.

Simultaneously, Goodness Beverages (owned by Dropkaffe) has filed documents indicating that Rebel Foods will lead its series C round of financing with an initial investment of `7.96 crore, according to filings sourced from paper.vc.

Chaitanya Chitta-led Dropkaffe initially launched a ready-to-drink cold coffee called Coffiato with plans of diversifying into milk and fruit-based smoothies in the near future. The company reported revenues of `1.9 crore in the year to March 2018 against expenses of `6.5 crore.

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