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Exclusive: Rebel Foods grants fresh ESOPs worth Rs 170 Cr to co-founders

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Exclusive: Rebel Foods grants fresh ESOPs worth Rs 170 Cr to co-founders

Cloud kitchen operator Rebel Foods, which operates brands such as Faasos, Behrouz Biryani, Oven Story Pizza and other cloud kitchen brands, has approved a fresh employee stock option (ESOP) grant worth around Rs 170 crore to its five co-founders.

The board at Rebel Foods has approved the grant of 25.36 lakh ESOPs at an exercise price of Rs 670 per option, taking the value of the fresh ESOP grant to approximately Rs 170 crore.

According to the company’s latest filing, co-founder and CEO Ankush Grover received the largest allocation of 17.09 lakh ESOPs worth Rs 114.51 crore, followed by Jaydeep Barman with 4.27 lakh options valued at Rs 28.63 crore. Piyush Kakkad, Soumyadeep Barman and Ankur Sharma received 1.34 lakh ESOPs each, worth around Rs 8.95 crore per person.

Significantly, Grover replaced Jayadeep Barman in July 2025 and has since been tasked with steering Rebel Foods toward profitability and getting the company ready for a potential public listing. A significant portion of Grover’s ESOPs appears to be linked to milestones. The firm’s financial performance has shown some progress, with revenue growing 21% year-on-year while losses narrowed 16% in FY26.

The grant comes as the cloud kitchen operator continues to grow its business while narrowing losses. According to its FY26 financial results, Rebel Foods reported a 20% increase in its operating revenue to Rs 1,951.6 crore while its losses decreased 16.3% to Rs 281.8 crore. The Mumbai-based firm has yet to report FY26 numbers.

Rebel Foods has raised nearly $803 million in funding to date, with Peak XV Partners, Coatue, Qatar Investment Authority (QIA) and Lightbox among its prominent investors.


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