Rebel Foods (formerly known as Faasos), a prominent player in the cloud kitchen industry, has significantly improved its financial performance in the fiscal year ending March 2024. The Mumbai-based company saw nearly 19% growth in revenue and managed to reduce its losses by over 40% during this period.
Rebel Foods’ revenue from operations increased to Rs 1,420 crore in FY24, up from Rs 1,195 crore in FY23, according to the company’s consolidated financial statements filed with the Registrar of Companies.
The majority of the company’s revenue, 96.7%, came from its core operations—selling food through its owned stores and kitchens. Additionally, the company earned a small portion of its income from commissions, storage, franchise fees, delivery services, cancellation compensations, and royalties. Rebel Foods also generated Rs 65.29 crore in non-operational income from interest and gains on financial assets, bringing the total revenue to Rs 1,485.53 crore in FY24.
On the expenditure side, the cost of materials represented 33% of the total expenses, increasing by 6.2% to Rs 613.35 crore in FY24. However, employee benefit expenses slightly decreased by 2.6% to Rs 394.92 crore, which includes Rs 46.55 crore spent on ESOPs, along with brokerage, commission, and promotional costs.
Overall, Rebel Foods kept its total expenses in check, with a modest 1.6% increase to Rs 1,857 crore in FY24. The company also reduced its losses by more than 42%, bringing them down to Rs 378 crore.
The company’s improved financials are reflected in its EBITDA margin, which improved by nearly 2,000 basis points, reaching -10.76% in FY24. Rebel Foods recorded an EBITDA loss of Rs 159.83 crore during this period. On a per-unit level, the company spent Rs 1.31 to generate a rupee of operating revenue.
As of FY24, Rebel Foods has over 450 cloud kitchens across India, the Middle East and North Africa (MENA), Indonesia, the UK, and 75 cities within India. The Peak XV-backed company last raised equity in November 2021 and has since secured nearly $50 million in debt across five tranches. It is reportedly in discussions to raise up to $150 million in a combination of primary and secondary funding.
Rebel Foods faces stiff competition from other foodtech companies, including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.
