.( Agent Image) Rebel Foods, parent of Faasos, Behrouz Biryani and also other cloud kitchen labels, uploaded an operating income of INR 1,420 crore for the fiscal year ended March 31, 2024, up 19 per-cent coming from INR 1,195 crore in FY23. The firm likewise reduced its reductions through 42 percent, carrying it to INR 378 crore in FY24 coming from INR 656 crore a year ago. The firm has actually handled to maintain its overall costs in check at INR 1,857 crore, compared to INR 1,827 crore in FY23. A notable amount of the expense was actually credited to the expense of materials taken in worth INR 613 crore from INR 577 crore. Nonetheless, fringe benefit costs eased marginally to INR 394 crore from INR 405 crore, while other expenditures was up to INR 637 crore coming from INR 657 crore. The business had laid off 2 percent of its workforce in January 2023. Its marketing as well as sales promo price lowered to INR 133 crore coming from INR 197 crore." Our experts have the capacity to take care of sizable meals types from a singular framework by means of tough brand names. Additionally in the course of the year, we additionally strengthened our profile astride powerful consumer understandings as well as cooking advancements," the firm stated in a statement.On August 26, ET mentioned that Singaporean self-governed fund Temasek is in state-of-the-art conversations to lead a financial investment of USD 100-150 million in the company. The package will be actually a mix of main as well as second share sales and is most likely at a lower valuation of around USD 700 million, claimed individuals.( Rep Graphic) Began in 2011 through Jaydeep Barman and also Kallol Banerjee, the Mumbai-based company possesses 450 kitchens in 70 metropolitan areas while its labels are available in around 10 nations, including the United Arab Emirates (UAE), Saudi Arabia and also the UK.In October 2021, Rebel Foods switched unicorn following a USD 75-million sphere led through self-governed riches fund Qatar Financial investment Authorization (QIA), valuing it at USD 1.4 billion.Cloud kitchen brands have been actually finding moderate growth and are expanding their presence offline with their personal electrical outlets or even franchise stores.In FY24, Zomato's food delivery organization clocked 23 per cent development in gross purchase value (GOV) to INR 32,224 crore.Flipkart creator Binny Bansal-backed Curefoods has actually gotten INR 500 crore in two tranches this year. On July 10, ET disclosed that early-stage food items and also refreshments companies remain in need coming from venture funds and also angel investors, along with multiple firms having increased funding in recent months.
Published On Aug 31, 2024 at 09:06 AM IST.
Participate in the community of 2M+ sector experts.Register for our bulletin to acquire most up-to-date understandings & study.
Install ETRetail App.Receive Realtime updates.Spare your favourite articles.
Scan to download Application.