Rebel Foods, the cloud kitchen operator behind brands including Faasos, Behrouz Biryani, and Oven Story Pizza, has approved a fresh employee stock option plan grant worth approximately ₹170 crore for its five co-founders. The board cleared 25.36 lakh options at an exercise price of ₹670 per option, according to the company's latest regulatory filing. The decision signals a clear focus on leadership retention as Rebel Foods works toward profitability and a potential public listing.
Grant Structure and Valuation
The approved grant comprises 25.36 lakh employee stock options, each carrying an exercise price of ₹670. Based on this price, the total value of the fresh ESOP allocation works out to about ₹170 crore. The filing indicates that the options are part of a structured effort to reward founders while linking their interests to the company's long-term performance.
Co-Founder Allocations
According to the filing, CEO Ankush Grover received the largest allocation of 17.09 lakh ESOPs, valued at ₹114.51 crore. Jaydeep Barman was granted 4.27 lakh options with a total value of ₹28.63 crore. Piyush Kakkad, Soumyadeep Barman, and Ankur Sharma received 1.34 lakh ESOPs each, placing their individual grant value at approximately ₹8.95 crore.
CEO Transition and Milestone-Linked Compensation
Grover replaced Jaydeep Barman as the company's CEO in July 2025 and has been tasked with guiding Rebel Foods toward profitability and a potential initial public offering. A significant portion of his ESOP package appears to be linked to specific business milestones, reflecting a performance-oriented compensation structure. This approach is intended to ensure that leadership rewards are closely tied to operational and financial outcomes.
Financial Performance
Rebel Foods has shown measurable progress in its latest reported financial results, with operating revenue increasing 20% to ₹1,951.6 crore. The company's losses narrowed by 16.3% to ₹281.8 crore over the same period, indicating improved cost discipline. These trends support the case for a future public listing, although the Mumbai-based firm has not yet disclosed final audited numbers for the most recent fiscal year.
Strategic Context and Investor Backing
Rebel Foods has raised nearly US$803 million to date, with investors such as Peak XV Partners, Coatue, Qatar Investment Authority, and Lightbox backing its growth. Earlier this year, the company shut down QuickiES, its 15-minute food delivery app, within a year of launch, citing high cash burn. The operator continues to run a portfolio of brands that includes Faasos, Behrouz Biryani, Oven Story Pizza, Sweet Truth, and The Good Bowl.
Broader Market Outlook
The cloud kitchen sector in India remains competitive as companies seek to balance rapid delivery expansion with sustainable margins. Rebel Foods' decision to reward founders through ESOPs mirrors a broader trend among private companies preparing for public listings. By aligning leadership compensation with performance, the company aims to reassure investors about its path to profitability.
Rebel Foods' latest ESOP grant reflects a deliberate strategy to retain its founding team and align executive rewards with measurable business goals. The allocation comes as the company balances growth with improved unit economics in a competitive cloud kitchen market. With new leadership, narrowing losses, and continued investor support, Rebel Foods is positioning itself for its next stage of expansion and a possible public market debut.
Source: Entrackr