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Thursday, October 28, 2021

Qatar Investment Authority pumps funds into Indian ‘virtual kitchen’ unicorn


The startup operates the world’s largest number of  “internet restaurants” in several countries around the world. 

Qatar Investment Authority [QIA] has pumped around $175 million into India’s Rebel Foods Pvt, making the startup the latest to attain unicorn status in the South East Asian country.

Rebel Foods operates a large network of kitchens in nearly a dozen markets, and with the help of Qatar’s funding, has become the third Indian startup to become a unicorn this week, and 31st to become a unicorn this year.

In its latest Series F financing round, the startup raised $175 million that valued it as $1.4 billion, up from about $800 million last year – thanks to Qatar and other investors such as Coatue Management and Evolvence Group.

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The 10-year-old startup operates the world’s largest number of  “internet restaurants” in several countries around the world, including Malaysia, United Arab Emirates and Indonesia.

Such restaurants operate out of non-prime real estate and only deliver to customers without the need to hire waiters, pay for seating or even cashiers. This makes food serving operations more economic and less costly.

The growing trend has seen a significant success in the food market in the last decade, with over 45 brands, many of which Rebel Foods owns, preparing food exclusively for just delivery.

Flaunting its success, the company says it operates over 4,000 of these internet restaurants and is seeing a growth rate of 100% annually.

The Indian company announced it will work on exploring an Initial Public Offering within the next two years while growing its international presence.

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