Rebel Foods plans to file for IPO this year, listing in '25

Peak XV-backed Rebel Foods that owns Faasos, Behrouz Biryani and Mandarin Oak is working towards an initial public offering (IPO), which would make it the country's first cloud kitchen business to go public.

- Priyamvada C. & Suneera Tandon

Rebel Foods plans to file its draft share sale papers in the later half of the year and list on exchanges next year. "An IPO is an important milestone for the company since it became a unicorn. It is looking at a 2025 time frame to get listed," a company spokesperson said.

The company is yet to appoint merchant bankers for the process, and is currently doing the back-end work to turn compliant with regulations, a person familiar with the development said. Rebel Foods' losses soared in 2022-23, but its margins improved during the last year, the person said on the condition of anonymity.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates cloud kitchen brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth, Wendy's, apart from operating offline stores in India. In all, it operates over 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries India, United Arab Emirates (UAE), Saudi Arabia and the UK.

The company has also stepped into the offline business with its food court format EatSure and its recent association with fast food chain Wendy's in India. It currently operates under 10 EatSure formats in different cities selling everything from biryani to pizza, cakes and coffee, and plans to open more in the coming years.