What does Rebel Foods do?

Rebel Foods is the world's largest internet restaurant (cloud kitchen) company. Founded in 2011 by Jaydeep Barman and Kallol Banerjee, it operates 45+ food brands including Faasos (wraps), Behrouz Biryani, Oven Story Pizza, Mandarin Oak, and The Good Bowl across 450+ cloud kitchen locations in 70+ cities in India. It also operates in 10+ countries internationally including the Middle East and UK.

Who are the founders and promoters of Rebel Foods?

Rebel Foods was co-founded by Jaydeep Barman (CEO) and Kallol Banerjee (COO) in 2011 when they pivoted the original Faasos business into a cloud kitchen platform. Major investors include Temasek, QIA (Qatar Investment Authority), Coatue Management, Sequoia Capital India, and Goldman Sachs.

Is Rebel Foods profitable?

Rebel Foods has reported consistent losses as it invested in brand building, international expansion, and technology infrastructure. In FY23, the company reported losses while scaling its operations globally. The company has been working towards improving unit economics but had not achieved sustained profitability as of the last available reports.

Is Rebel Foods planning an IPO?

Rebel Foods had publicly indicated plans for an IPO on Indian stock exchanges, reportedly targeting a listing around 2023-2024. However, the IPO was deferred multiple times due to market conditions and the company's focus on improving profitability before listing. As of August 2025, no confirmed IPO date had been announced.

How do I buy Rebel Foods unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Rebel Foods?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Rebel Foods shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Rebel Foods Unlisted Share Price | Buy Rebel Foods Pre-IPO Shares — wisefolio

Investment Thesis

Rebel Foods is India's and the world's largest cloud kitchen company, operating 45+ brands and 450+ kitchens globally. It became a unicorn in 2021 at a $1.4B valuation with backing from top global investors. While the company has deferred IPO plans and continues to report losses, its scale, brand portfolio, and international presence make it a significant player in the food tech space. Investors in unlisted shares should be aware of the path-to-profitability risk and illiquidity.

Pros

World's largest cloud kitchen company operating 45+ food brands (Faasos, Behrouz Biryani, Oven Story, Mandarin Oak, etc.) across 70+ cities in India and internationally in 10+ countries.
Raised over $500 million in venture funding, with investors including Temasek, Qatar Investment Authority (QIA), Coatue Management, and Sequoia Capital India, reflecting strong institutional confidence.
Asset-light cloud kitchen model allows rapid expansion with lower capital expenditure compared to traditional restaurant formats.
Diversified brand portfolio across multiple cuisine categories reduces dependence on any single food segment and broadens customer base.

Cons

Company reported significant losses in FY23 and prior years as it invested heavily in international expansion and brand building — profitability remains a challenge.
IPO plans were reportedly deferred multiple times, keeping existing investors locked in without a clear exit timeline.
High competition from Swiggy Instamart, Zomato-backed cloud kitchens, and numerous regional food brands in the quick-service restaurant (QSR) segment.
International expansion (Middle East, UK, etc.) involves high operational complexity and localization costs, which have been a drag on overall unit economics.

Business Segments

Cloud Kitchen Operations (India)

Operating 450+ cloud kitchen locations across 70+ cities, delivering food through Swiggy, Zomato, and own app under brands like Faasos, Behrouz Biryani, Oven Story.

International Operations

Cloud kitchen operations across 10+ countries including UAE, Saudi Arabia, UK, and Southeast Asia.

Revenue Model

Rebel Foods earns revenue through food delivery orders placed via aggregators (Swiggy, Zomato) and its own platforms. Revenue streams include direct consumer orders, franchise arrangements (FLTT model — Franchisee-Led Tenanted Transformation), and licensing its brands and technology platform to partner operators internationally.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

Potential IPO listing that would provide liquidity to investors and public market validation.

Growing adoption of food delivery in India — market expected to grow at 18-20% CAGR through 2027.

FLTT franchise model enabling capital-light international expansion.

Industry Tailwinds

Potential IPO listing that would provide liquidity to investors and public market validation.

Recent Developments

Unicorn Status — $1.4B Valuation

Rebel Foods raised $175 million in Series F from Temasek, QIA, and others at a $1.4 billion valuation, becoming a unicorn.

2021-10

IPO Plans Deferred

Rebel Foods was reported to have deferred its IPO plans, citing market conditions and the need to improve profitability metrics before listing.

2023-01

Comparable Companies

CompanyTypeTickerMkt Cap

Jubilant FoodWorksPE: ~50xxListedJUBLFOOD~15,000 Cr

Devyani InternationalPE: ~60xxListedDEVYANI~8,000 Cr

ZomatoListedZOMATO~1,50,000 Cr

Jubilant FoodWorksListed

JUBLFOOD · ~15,000 Cr

Frequently Asked Questions

Rebel Foods has raised over $500 million in total funding across multiple rounds. In its Series F round in 2021, the company raised $175 million at a valuation of approximately $1.4 billion, making it a unicorn. Later fundraising rounds and secondary transactions may have adjusted valuation, but the company was valued around $800 million to $1 billion range in subsequent discussions as of 2023-2024.

About Rebel Foods

Rebel Foods (formerly Faasos) is India's largest cloud kitchen company and one of the world's most valuable food-tech businesses, founded in 2011 by Kallol Banerjee and Jaydeep Barman in Mumbai. The company operates over 450 kitchens across 70 cities in India and has international presence in the UAE and UK. Rebel Foods operates a portfolio of multi-brand cloud kitchens under the 'Infinite Kitchen' model — a single kitchen producing food for multiple restaurant brands simultaneously. Its brand portfolio includes Behrouz Biryani (premium biryani), Ovenstory Pizza, Faasos (wraps and rolls), The Good Bowl, SLAY Coffee, Mandarin Oak (Chinese cuisine), and others. This multi-brand approach maximizes kitchen utilization and amortizes real estate and labor costs across multiple revenue streams. Financially, Rebel Foods reported revenue of Rs. 1,420.2 crore in FY2024, up 19% from Rs. 1,195.2 crore in FY2023. The net loss narrowed 42% to Rs. 378.2 crore in FY2024 from Rs. 656.5 crore in FY2023 — a significant improvement in unit economics. The company has raised over $710 million total, including a $210 million Series G round, with its peak valuation reaching $1.4 billion after the 2021 Series F. The cloud kitchen model disrupts traditional restaurant economics by eliminating front-of-house costs (dining area, servers, ambiance) while delivering food exclusively through aggregators like Swiggy and Zomato. Rebel Foods' IPO has been anticipated but not yet filed, making its unlisted shares a high-interest pre-IPO investment opportunity.

Key Milestones

Founded in 2011 as Faasos Food Services in Mumbai by Jaydeep Barman and Kallol Banerjee.

Common questions about unlisted shares

How do I buy Rebel Foods unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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