Cloud Kitchen Unicorn Rebel Foods Announces Liquidation of $10 Million ESOP

Rebel Foods, the world’s largest Internet-based restaurant company, has announced a $10 million Employee Stock Ownership Plan (ESOP) liquidation program for eligible current and former employees.

ESOPs or Employee Stock Ownership Plans are investments in company stock given to employees by the company. Through this program, more than 150 current and former Rebel Foods employees have had the opportunity to liquidate their vested options this year. Under the Rebel Foods ESOP program, employees can liquidate ESOPs periodically without conditions. The opportunity can be taken once in a period of one year. The company will constitute each year a pool of funds to allow such liquidation.

“Rebel Foods is proud of every employee in the company. We appreciate their contribution and their confidence in the business,” said Ankur Sharma, co-founder of Rebel Foods. “Our success and achievements would not be possible without the efforts of our teams across all geographies. The $10 million ESOP program will provide significant wealth creation opportunities for those who have joined us in our mission to build and grow a platform for high-quality brands across all customer food missions in all parts of the world. »

All those who had acquired options by October 31, 2021 were eligible for liquidation. The move comes at a time when Rebel Foods is aiming for widespread expansion and a growth trajectory by committing $150 million for strategic investments and brand acquisitions in India and globally. The company achieved unicorn status with its $175 million Series F funding in October 2021.

“We will continue to create similar opportunities in the future while rewarding our employees for their hard work, contribution and belief in Rebel’s vision and missions,” said Sharma.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods started its journey with Faasos in Pune. From becoming a unicorn in Faasos through over 500 restaurants and becoming the largest QSR chain of Indian origin, Rebel Foods has achieved notable milestones over the years. Rebel Foods is currently home to over 45 brands in 10 countries.

It is home to brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth and Wendy’s.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor