Rebel Foods, the unicorn cloud kitchen startup behind popular brands like Behrouz Biryani, Oven Story, and Faasos, reduced its losses to ₹378 crore in FY24, down from ₹657 crore the previous year. This improvement was driven by better margins and economies of scale across its portfolio.
The company’s revenue from operations increased slightly to ₹1,420 crore in FY24, up from ₹1,195 crore in the previous year, while expenses remained steady at ₹1,857 crore, according to regulatory filings accessed by business intelligence platform Tofler.
“We are able to address large food categories from a single infrastructure through strong brands. Also during the year, we further strengthened our portfolio on the back of strong customer insights and culinary innovations,” the company said on Friday. “The board of directors are confident that the company will break even soon and will have a high growth rate in the years to come.”
In July, the Mumbai-based firm plans to invest up to ₹200 crore to expand its physical presence, including its EatSure food court format, as dining out regains popularity post-pandemic.
This expansion aligns with Rebel Foods’ broader strategy, as the company aims for a potential stock market listing in FY26. This shift towards offline growth comes as the post-pandemic boom in cloud kitchens slows in favor of in-store dining.
Currently, Rebel operates over 450 cloud kitchens across 75 cities in India, the Middle East, North Africa, Indonesia, and the UK. The company also manages 150 Wendy’s outlets in India and runs eight outlets under its EatSure food court format.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods competes with both major fast-food chains and independent cloud kitchen operators.
India’s food services market is expected to nearly double to ₹9 trillion by the end of the decade, up from ₹5.5 trillion, driven by a growing customer base, increased consumption, and a surge in new eateries, according to a report by Bain & Company and Swiggy.
The smaller ghost kitchens are reassessing their strategies as competition increases and costs rise. Many of these smaller players, who have adopted an omnichannel approach with both online and offline presences, are now considering downsizing operations or merging with larger entities, highlighting the challenges even established businesses face in this evolving market.
