From Kitchens to Capital: How Rebel Foods Is Cooking Up a $1B IPO this year |

Updated: January 21, 2026 17:00

Image Source: Dutch Uncles

Rebel Foods, India’s largest cloud kitchen operator, is preparing for a 2026 IPO after expanding to 350 kitchens across 70 Indian cities and 27 international locations. With brands like Faasos, Behrouz Biryani, and Oven Story Pizza, Rebel Foods grew revenue 19% in FY24 while cutting losses by 42%, signaling sustainable growth.

Rebel Foods has become a household name in India’s foodtech sector by pioneering the cloud kitchen model — delivery‑only kitchens that host multiple brands under one roof. Founded in 2011, the company started with Faasos and later expanded into a portfolio of digital‑first food brands including Behrouz Biryani, Oven Story Pizza, and Sweet Truth.

By eliminating the costs of dine‑in restaurants and focusing on delivery, Rebel Foods scaled rapidly. Today, it operates 350 kitchens across 70 Indian cities and has expanded internationally to 27 locations, including 15 in Dubai and 12 in the UK.

In FY24, Rebel Foods reported 19% revenue growth to ₹1,420.2 crore ($166M) while reducing net losses by 42% to ₹378.2 crore ($44M). This financial discipline, combined with aggressive expansion, has set the stage for a planned IPO in 2026, which could value the company at over $1B.

Notable Updates

IPO Plans: Rebel Foods is eyeing a 2026 public listing, leveraging its strong growth trajectory.

Global Expansion: Presence in 27 international locations, with ambitions to scale further in the Middle East and Europe.

Domestic Reach: Plans to expand to 120 Indian cities by 2026, focusing on Tier‑2 markets like Patna, Banaras, and Amritsar.

Brand Portfolio: Hosts multiple brands including Faasos, Behrouz Biryani, Oven Story Pizza, Sweet Truth, and partnerships with Wendy’s, scaling to 200 outlets in 38 months.

Financials: FY24 revenue up 19%, net loss reduced by 42%, signaling improved unit economics.

Major Takeaways

Unique Fact: Rebel Foods is the world’s largest cloud kitchen operator, a model now emulated globally.

Learning Point: Focusing on delivery‑only kitchens reduces overheads and enables rapid brand scaling.

Resilience: Despite pandemic disruptions, Rebel Foods expanded internationally and improved financials.

Future Outlook: IPO proceeds could fuel deeper expansion into Tier‑2 Indian cities and global markets, while strengthening partnerships with QSR giants.

Why This Matters

Rebel Foods’ story is a blueprint for scaling digital‑first businesses in traditional industries. By rethinking restaurant economics, it created a platform that hosts multiple brands, maximizes kitchen utilization, and leverages delivery demand. For entrepreneurs, it’s proof that platform thinking + operational efficiency can disrupt even the most entrenched sectors.

Sources: Tech in Asia, MSN/Financial Express

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