Bennett Coleman and Company Ltd (BCCL), which runs the Times Group, recently announced that it has picked up an equity stake in cloud kitchen startup Rebel Foods.
According to a company filing, accessed by Inc42, the company said it has converted BCCL’s five-share warrants from 2017 into 714 equity shares worth ₹16.25Cr ($2.2 Mn). The issue has been made at a nominal value of ₹10 with a premium of ₹2.27lac.
A share warrant gives the holder the right to purchase a company’s stock at a specific price and at a specific date. This is mostly a pre-decided investment, where now they have invested in equity on the pre-decided amount.
Rebel Foods, formerly Faasos, was founded by Jaydeep Barman and Kallol Banerjee in 2010. The company claims to be the world’s largest internet restaurant company. The eight-year-old startup, commonly known for its larger brands – Faasos, Behrouz Biryani, Oven story, and Mandarian Oak is disrupting the food delivery business by building and running the largest chain of internet restaurants, globally. Currently, the company operates around 1500+ cloud kitchens across India in 29 cities.
In an attempt to reduce manual labor in kitchens, the company is also planning to invest in automation and robotics.
Earlier this month, the company had raised ₹35Cr from Alteria Capital in debt funding. So far, the company has raised $281.5mn from investors such as Coatue and Goldman Sachs.
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