Faasos involves delivery-only restaurants and brands which helps it to save on real estate costs.

The capital markets company Coatue Management will reportedly lead a $120 million funding round in food on demand company Rebel Foods, popular for its cloud kitchen brand Faasos. The company has invested a total amount of nearly $100 million across two rounds in online food delivery company Swiggy last year, which was last valued at $3.3 billion.

Reportedly, the latest funding in Rebel Foods is being worked out at post-money valuation of $500 million.

Rebel Foods had apparently appointed Bank of America Merrill Lynch to guide on the fundraise and look for new investors to raise up to $150 million. The existing investors of Rebel include Lightbox Ventures, Sistema Asia Ventures, Evolvence, and Sequoia Capital.

Faasos involves delivery-only restaurants and brands which helps it to save on real estate costs. The company uses a robust logistics network to reach more households.

According to reliable sources, Coatue has plans to capitalize $100 million in the latest round, whilst existing investors will invest $15-20 million in Rebel Foods.

Reportedly, GoJek, an Asian ride hailing company, has been valued at $9.5 billion and intends to invest $5 million through its investment arm Go Ventures, as a part of the round. Rebel has also partnered with GoJek to launch its cloud kitchens in Indonesia, cited trusted sources.

Coatue, Rebel, Sequoia, GoJek, and Lightbox have not responded to emails seeking comment.

As a part of the current funding, Rebel has already raised INR 110 crore in March from its existing investors Evolvence, Sequoia, and Lightbox. The company has also raised INR 30 crore as debt from Alteria Capital.

For the record, Faasos, founded by Kallol Banerjee and Jaydeep Barman in the year 2011, has rebranded its holding firm in last October as Rebel Foods. Rebel now possesses and operates multiple brands like Oven Story and Behrouz.

Source credit: https://www.livemint.com/companies/start-ups/coatue-may-lead-120-mn-funding-in-faasos-parent-1558288535110.html

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