Rebel Foods, the pioneering cloud kitchen brand behind EatSure (formerly Faasos), has successfully raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This marks the fifth instance of debt financing for Rebel Foods since its last equity round in 2021.

The company’s board passed a special resolution to issue 11,000 Series G1 non-convertible debentures at Rs 1,00,000 per debenture to accumulate the Rs 110 crore, as per the regulatory filings with the Registrar of Companies (RoC). Alteria, through Orbis Trusteeship, contributed Rs 65 crore, while InnoVen Capital, via Vistra ITCL, invested Rs 45 crore. The debentures have a tenure extending up to May 1, 2027.

Each debenture will carry an interest rate of 13.90% per annum, with interest payments due monthly. This follows last year’s debt raise of Rs 75 crore ($9 million) from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, Rebel Foods secured a total of Rs 230 crore across three separate debt funding rounds.

Rebel Foods manages a diverse array of brands, including Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee, operating over 450 kitchens in more than 70 cities. The company boasts a portfolio of over 45 brands across multiple countries, such as India, the United Arab Emirates (UAE), Saudi Arabia, and the UK.

As part of its growth strategy, Rebel Foods plans to take Oven Story Pizza offline to open 250-300 outlets over the next two to three years. The company, led by CEO Jaydeep Barman, entered the unicorn club following a $175 million Series F round led by the Qatar Investment Authority in October 2021. Its last equity round saw the company raise $14.5 million in November 2021.

Looking ahead, Rebel Foods is reportedly eyeing an initial public offering (IPO) by 2025. If successful, it would be the first cloud kitchen company to list on the Indian stock exchange, highlighting its leadership in the evolving food tech industry.