Rebel Foods Cuts FY26 Loss By 16% To ₹282 Cr, Revenue Jumps 21%

Foodtech unicorn Rebel Foods managed to cut its net loss for the fiscal year FY26 by 16.3% to ₹281.8 Cr from ₹336.6 Cr in the previous fiscal. 

Operating revenue rose 20.7% to ₹1,951.6 Cr compared to ₹1,617.4 Cr in FY25.

The rise in revenue was led by product sales. Revenue from the sale of food items rose 20.9% to ₹1,891.9 Cr in the year under review from ₹1,565.3 Cr in FY25, while service revenue — commission, storage and franchise income — stayed broadly flat at ₹32.7 Cr.

Other operating revenues, which includes delivery services income, rose 38.5% to ₹27 Cr from ₹19.5 Cr last year.

Meanwhile, international revenue jumped 38.8% YoY to ₹283.81 Cr, while revenue from India grew 18% to ₹1,667.75 Cr. Revenue from overseas contributed 14.5% to the startup’s top line in FY26, a slight improvement from 12.6% in FY25. Rebel Foods currently operates 45+ brands across India, the United Arab Emirates and the United Kingdom.

Including other income of ₹43.4 Cr, the total income stood at ₹1,995 Cr in FY26, up 20.3% from ₹1,658 Cr in the previous fiscal.

EBITDA loss also narrowed about 50% to ₹62.4 Cr from ₹123.7 Cr in the previous fiscal. 

The startup said that a stronger consumer engagement and continued improvements across store operations, tech and supply chain contributed to higher productivity and margin expansion in the fiscal year. 

“FY26 marks an important step forward for Rebel Foods, with growth and profitability increasingly coming together. As our platform scales, we are seeing the benefits of stronger consumer engagement, higher store productivity and operating leverage flow through to the business. Our focus remains on building a predictable, sustainable and highly scalable food platform for the long term,” cofounder and global CEO Ankush Grover said.

Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods started as a delivery-only brand with ‘Faasos’. Over the years it has expanded the number of labels it operates. 

Its portfolio of quick service restaurant (QSR) brands includes names like Behrouz Biryani, Mandarin Oak, Oven Story Pizza, Sweet Truth, LunchBox, The Good Bowl, Firangi Bake, the Biryani Life and Wendy’s, serving across 120+ cities.

The startup has raised $773 Mn in funding to date from the likes of KKR, Temasek, Lightbox, Evolvence, among others. The startup entered the unicorn club in 2021 after raising $175 Mn in its Series F round from investors Qatar Investment Authority, Coatue and Evolvence.

Rebel Foods has been recalibrating its financial and operational strategy as it reportedly eyes a public listing in India. Earlier, it had launched QuickiES, a 15-minute food delivery service, and planned to expand its offline footprint through physical restaurants and food courts. However, the startup had to shut down the vertical earlier this year amid high cash burn.

It has also been seeking to leverage its global presence and multi-brand portfolio, while improving unit economics and moving towards EBITDA breakeven. A leadership reshuffle, with Ankush Grover elevated to global CEO and Jaydeep Barman moving to chairman and group CEO, further aligned the organisation for its next phase ahead of a possible public listing.

Magnifying Rebel Foods’ Spending

The startup’s total expenses for the fiscal rose 14.1% to ₹2,265.9 Cr in FY26 from ₹1,986.6 Cr in the previous year. Here is a breakdown of where Rebel Foods spent the most:

• Cost of Raw Materials Consumed: Comprising 34.6% of the total expenses, the spend on raw materials, components and packing materials rose 15.6% to ₹784.4 Cr during the year under review from ₹678.5 Cr in FY25.
• Employee Benefit Expenses: Employee costs, which includes salaries, wages, gratuity fund and provident fund, rose 6.3% to ₹412.3 Cr from ₹387.8 Cr in FY25.
• Brokerage And Commission: The biggest expense growth in FY26 was from this head, where it rose 30.6% to ₹317.7 Cr from ₹243.3 Cr in the previous fiscal.

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