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Cloud kitchen operator Rebel Foods narrows losses by 40% in FY24 as topline grows

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Cloud kitchen operator Rebel Foods saw a 40% reduction in after-tax losses, narrowing it down to Rs 378 crore in the financial year ending FY24. The company, previously known as Faasos, reported a 19% increase in operating revenue to Rs 1,420 crore, with food sales accounting for 96.7% of its total revenues. Total expenses slightly rose due to finance costs and material consumption. Rebel Foods underwent downsizing operations in January 2023, letting go of 2% of its workforce. The company operates in multiple countries and competes with Curefoods, among others.