DOHA Qatar – Qatar Investment Authority adds another deep-rooted and promising investment to its already comprehensive portfolio of diverse assets. Recently, QIA led a $175 Million Series F financing round for an Indian Cloud Kitchen Startup, Rebel Foods. Undoubtedly, these endeavours will take Qatar a step closer to achieving its 2030 National Vision.
Through this investment by QIA, Rebel Foods has become the third Indian startup to achieve unicorn status this week and the 31st in the year. Notably, participation from previous investors Coatue and Evolvence also came in handy. This investment propels the startup to a $1.4 billion valuation up from over $800 million last year.
About Rebel Foods
Rebel Foods is a multi-brand cloud kitchen founded in 2011. A ‘cloud kitchen’ is one that does not have a dine-in option and only takes meal orders via an online ordering system. Currently, the startup boasts 350 kitchens and 3500 internet restaurants in 45 cities across 6 different countries.
Over the last five years, the firm has effectively developed about $20 million worth of restaurant brands. These include category-leading brands such as Faasos, Behrouz Biryani, and Ovenstory Pizza. Impressively, Rebel Foods is undergoing exponential growth with an annual run rate sales of $150 million, up 100% year on year.
Competitors, collaborators & other investors
Rebel Foods races with Taster in France, Keatz in Germany, Uber co-founder Travis Kalanick’s start-up City Storage Systems, and London-based Karma Kitchen on a global scale. In India, Rebel Foods competes with Ola Foods. The latter is a food business part of SoftBank-backed ride-hailing startup Ola, which has extended its network of technology-enabled kitchens.
Additionally, Rebel Foods has previously received $342.3 million from investors such as Goldman Sachs, Sequoia, Coatue Management, and the Indonesian ride-hailing business Go-Jek. It is also growing its operations through franchisees. Moreover, Rebel Foods has also undergone strategic collaboration with Wendy’s Company, a US fast-food business, in December 2020.
QIA and its growing portfolio
Qatar Investment Authority was founded in 2005 with the sole aim of strengthening Qatar’s economy by diversifying the country’s investment into new asset classes. Today, it has become a prominent investor and is the sovereign wealth fund of the State of Qatar. Also, it is a major contributor to realizing the Qatar National Vision of 2030. With a subsidiary in New York, it operates at the highest level of global investing and adheres to the strictest financial and commercial disciplines.
In terms of its proven investment record, QIA is known for backing brands that are socially, economically, and ecologically responsible throughout the world. It invests in all major markets in a variety of asset types, including listed stocks, property, alternative assets, and private equity. QIA, on the other hand, strives for balanced and sustainable growth in order to optimise the country’s long-term profits.
Summing up, QIA is diligently broadening Qatar’s investment portfolio by participating in long-term viable growth prospects. It does so by seeking out socially responsible brands like Rebel Foods worldwide. Indeed, the authority is effectively laying the path for the country’s enormous prosperity
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