Rebel Foods raises 110.66 cr in capital

Rebel Foods, the Pune-based internet food delivery startup earlier known as Faasos, raised Rs 110.66 crore ($16 million) in Series D round funding.

According to a report accessed from business intelligence platform Paper.vc, the round was led by existing investors Sequoia Capital and Lightbox Ventures.

Rebel Foods issued a total of 2,388 compulsory convertible cumulative preference shares with a face value Rs 1,000 each as part of the financing round.

Starbucks Corporation-backed SCI Investment and UAE-based private equity fund Evolvence through its India fund also participated in the round.

While Lightbox Ventures participated through Light Box Ventures II and Lightbox Expansion Funds, Sequoia Capital participated through Sequoia Capital India Trust.

The company, which went for rebranding in 2018, has brands like Faasos Behrouz Biryani, Oven Story, Sweet Truth, Mandarin Oak and a host of other brands in its kitty. It operates across more than 1,500 locations in India.

According to analysts, Faasos raised a total of $103.7 million across eight funding rounds to date. "The company is looking at raising a total of $150 million at a total valuation of $350 to $400 million for India and overseas expansion," said the analyst.