Cloud kitchen platform Rebel Foods, which runs brands like Faasos, Oven Story, Behrouz Biryani and others, has reduced its losses by 42 percent to ₹378 crore in FY24 from ₹657 crore in FY23.
The company has generated a revenue of ₹1,420 crore in FY24, a 19 per cent increase from ₹1,195 crore in FY23, regulatory filings showed.
The Mumbai-based company incurred total expenses of ₹1,857 crore largely flat on a year-on-year (YoY) basis, the filings showed. Cost of materials consumed, employee benefit expenses, and commissions to companies like Zomato and Swiggy were some of the main cost components for the company.
“We are able to address large food categories from a single infrastructure through strong brands. During the year, we further strengthened our portfolio on the back of strong customer insights and culinary innovations. This has resulted in continued robust SKSG growth. We are able to significantly better EBITDA margins from higher SKSG growth, improved margin profiles and benefit from economies of scale. Technology continues to be a strong enabler in process simplification, eliminating inefficiencies and infrastructure optimisation,” the company said in its statement.
Founded in 2011, by Jaydeep Barman and Kallol Banerjee, the company closed its fourth debt financing round in April 2023, after raising ₹75 crore in debt funding from Northern Arc and Stride Venture.
Rebel Foods operates in India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, and the UK, among other countries. It competes with Ankit Nagori-founded Curefoods which operates brands Eatfit, Sharief Bhai, Olio Pizza, Rolls on Wheels, Nomad Pizza, and Millet Express.
In January 2023, Rebel Foods undertook a downsizing operations affecting 2% of its workforce.