Rebel Foods, which operates multi-brand cloud kitchen brands, saw its net loss in the financial year 2018-19 widen by around 75 per cent to 130.64 crore, up from Rs 74.44 crore loss it reported in FY2017-18, as the Mumbai-based company continue to focus on expanding its reach and broaden its offering.
Rebel Foods’ total revenue for FY2018-19, however, more than doubled to Rs 310.37 crore, from a topline of Rs 149.05 crore in FY2017-18.
The company saw significant rise in its expenses in FY19. The cost of materials consumed rose 105 per cent to Rs 144 crore, while its other expenses, which includes marketing and promotional spends, rose 147 per cent to Rs 191.81 crore for the year ended March 31, 2019.
Rebel Foods, which was incorporated as Faasos Food Services in 2011, is expanding its presence aggressively in Southeast Asian and the Middle-Eastern markets. At present, it has 275 cloud kitchens across three countries.
In India, it operates in 28 cities and has 2,100 internet restaurants. It owns popular brands such as Faasos, Slay Coffee, Behrouz Biriyani, Oven Story and Lunch Box.
The nine-year-old company had raised $125 million in August this year, in a fresh round of funding led by New York-based technology-focused hedge fund Coatue Management. The Series-D round of funding took Rebel Food’s valuation at $500-525 million. The company’s existing investors include Evolvence, a UAE-based private equity fund; Sistema Asia Ventures; Sequoia Capital and Lightbox Ventures.