Cloud kitchen startup Rebel Foods is 31st Indian unicorn, raises $175 mn

India clocked its 31st unicorn on Thursday. Rebel Foods, the world’s largest internet restaurant company, said it has raised $175 million in a Series F round led by Qatar Investment Authority (QIA), sovereign wealth fund of the State of Qatar with participation from existing investors Coatue and Evolvence. This round catapults the company to a unicorn status with a valuation of $1.4 billion, up from about $800 million last year.

“While we are excited about becoming the next unicorn, our focus continues to remain on improving customer experience the Rebel way,” said Piyush Kakkad, chief financial officer, Rebel Foods. “This round of funding will be re-invested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an IPO in the next 18-24 months.”