Rebel Foods posts Rs 1,420 Cr revenue in FY24; losses down by 42%
                     Rebel Foods posts Rs 1,420 Cr revenue 
in FY24; losses down by 42%
INTRODUCTION
• Cloud kitchen posterboy Rebel Foods (formerly Faasos) significantly improved its financial 
health during the fiscal year ending in March 2024. 
• The Mumbai-based firm achieved nearly 19% growth in scale and reduced its losses by over 
40% during the same period.
REBEL FOODS Financials FY24
• Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 
1,195 crore in FY23, as per the company’s consolidated financial statements with the Registrar 
of Companies- stated by Entrackr.
• The company generated most of its revenue through its core operations (sale of food), 
contributing 96.7% of the total operating revenue in FY24. 
• Rebel Foods is a full-stack food tech firm that makes money from the sale of food through its 
owned stores and kitchens.
• Apart from operating income, the foodtech firm also earned Rs 65.29 crore via interest and gain on 
financial assets (non-ops income) which increased the overall revenue to Rs 1,485.53 crore in FY24.
• A small part of its income also came from commission, storage, franchise, delivery services, 
compensation on account of cancellation, and royalty.
REBEL FOODS Expenses Breakdown
• On the expense front, the cost of 
materials accounted for 33% of the 
total burn which increased 6.2% to Rs 
613.35 crore in FY24.
• Employee benefits expenses, 
however, marginally decreased 
(2.6%) to Rs 394.92 crore during the 
last fiscal. 
• This overhead also includes the 
ESOP expenditure of Rs 46.55 crore, 
followed by brokerage, commission, 
and promotional costs.
REBEL FOODS Revenue Breakdown
• With improved topline, Rebel Foods also managed to keep a check on total expenses which 
grew mere 1.6% to Rs 1,857 crore in FY24. 
• The firm also cut down its losses by over 42% to Rs 378 crore.
• As of FY24, the company’s outstanding losses stood at Rs 2,911 crore.
REBEL FOODS FY23-FY24
• Rebel Foods improved its EBITDA margin to -10.76% in FY24, with a loss of Rs 159.83 crore. 
• Operating costs were Rs 1.31 per rupee earned. 
• The company operates over 450 cloud kitchens globally and is in talks to raise $150 million.
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