Rebel Foods Raises ₹150 Crore Debt from Alteria & InnoVen to Boost Cloud Kitchen Growth

Rebel Foods, the company behind some of India’s most popular online food brands like Behrouz Biryani and Oven Story Pizza, has quietly secured a fresh round of funding. This time, it’s not equity but debt. The firm has raised a sizeable ₹150 crore from two well-known venture debt players — Alteria Capital and InnoVen Capital.

This latest cash infusion is expected to help the cloud kitchen giant step up its game as competition heats up in India’s fast-growing food delivery market. And let’s be honest — Rebel Foods has never been one to shy away from ambitious moves.

A Debt Deal, Not Equity

What stands out in this deal is the nature of the funding. Rebel Foods isn’t giving away more equity. Instead, it has gone for venture debt — a move often seen as a way to raise capital without diluting ownership.

According to people familiar with the deal, Alteria Capital has chipped in ₹100 crore, while InnoVen Capital has added another ₹50 crore to the pot. In total, Rebel Foods walks away with ₹150 crore to fuel its next growth sprint.

Why Rebel Foods Still Stands Out

Cloud kitchens may sound like old news now, but Rebel Foods was one of the first to get it right in India. Starting in 2011 as Faasos, the company pivoted into a multi-brand cloud kitchen operator long before the term became a buzzword.

It now runs over 45 brands across multiple countries, serving everything from biryani and wraps to desserts and pizzas. That’s a lot of food brands under one roof — or rather, under many small “cloud” kitchens.

How the Money Might Be Used

Rebel Foods hasn’t officially laid out its spending plans for this fresh debt raise. But industry chatter suggests the funds will go into scaling operations, improving delivery infrastructure, and maybe even launching or acquiring new brands.

Considering its global ambitions (it already has operations in places like the UAE, UK, and Southeast Asia), the timing makes sense. Food delivery platforms are booming again post-pandemic, and cloud kitchens have emerged as a key growth segment for investors.

The Venture Debt Trend

Venture debt is becoming a hot option for late-stage startups like Rebel Foods. It’s less risky than equity for founders and allows them to maintain control. Alteria and InnoVen have been especially active in this space, backing well-known startups across sectors.

Their confidence in Rebel Foods signals continued investor belief in the company’s long-term vision. For the lenders, it’s a relatively safe bet on a brand with a strong track record of scaling quickly.

Competition Is Heating Up

Of course, Rebel Foods isn’t alone. It faces competition from Swiggy’s cloud kitchen projects, Zomato-backed ventures, and several newer entrants experimenting with virtual brands. But Rebel still enjoys a first-mover advantage and a network of hundreds of kitchens across India.

With fresh funds in hand, the company may double down on strengthening this network and ensuring faster deliveries — which is what customers ultimately care about.

Looking Ahead

This new debt round comes at a time when many startups are tightening their belts. Rather than splashy equity raises, the smart ones are turning to debt to keep the engines running without giving up too much control.

Rebel Foods seems to be following that playbook. And if its past growth is any indication, we can expect a few bold moves soon — perhaps new international markets, new cuisines, or even tech upgrades to its delivery system.

Final Word

Debt funding isn’t always glamorous. It doesn’t come with the same headlines as a billion-dollar valuation or a flashy equity round. But for Rebel Foods, this ₹150 crore raise feels like a calculated step to keep expanding while protecting its ownership.

In a food delivery world that’s getting noisier by the day, Rebel Foods is still playing its cards cleverly. This fresh funding might just be the fuel it needs to cook up its next big win.