Rebel Foods Rejigs Leadership, Cofounder Ankush Grover Takes Global CEO Role

In a significant top-level restructuring, cloud kitchen unicorn Rebel Foods has promoted cofounder and India CEO Ankush Grover to the position of global CEO ahead of its IPO.

Rebel Foods, established in 2011 by Kallol Banerjee and Barman, is a cloud kitchen startup that operates several quick service restaurant (QSR) brands, including Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, and Wendy’s.

Grover, who graduated from IIT Bombay and NIT Jamshedpur, joined Rebel Foods in 2012 and advanced to the position of CEO for India in 2023.

“We are happy to announce a transition in leadership at Rebel Foods.  Ankush Grover, cofounder and former CEO – India, has been promoted to the position of Global CEO at Rebel Foods.  Ankush has been instrumental in establishing and scaling Rebel across markets over the years.  “In his expanded role, he will now oversee all core functions—technology, finance, marketing, and human resources—reporting directly to him,” said a spokesperson for the unicorn.

Related: Top 10 Indian Startups That Failed or Shut Down After 2020: What Went Wrong?

Grover will take over the role of cofounder Jaydeep Barman, who is moving into the positions of chairman of the company and group CEO.  Barman will remain Grover’s reporting manager.

“Jaydeep Barman will transition into the role of chairman and group CEO, overseeing Rebel Foods as well as our broader portfolio of investee companies. The spokesperson stated, “He will persist in mentoring the leadership team and steering the Group’s long-term strategic direction.

In the meantime, Barman made an announcement about the development in a LinkedIn post.  In elucidating the reasoning for Grover’s promotion, he emphasized factors like Grover’s abilities in “execution,” his “leadership” traits, founder mentality, and financial acumen.

The change in leadership occurs as the cloud kitchen unicorn prepares for its IPO.  Reports emerged in October 2024 indicating that Rebel Foods was considering a listing on the Indian stock exchanges within the next 12 to 18 months (between January and April 2026).  Since that time, though, no additional updates regarding the listing plans have been provided.

This year, the startup ventured into the 15-minute food delivery market with its application named ‘QuickiES’.  When it was launched in February, QuickiES provided deliveries from over 45 brands, such as Faasos, Wendey’s, Oven Story Pizza, and LunchBox.

It asserts that it operates 350 kitchens in 70 cities throughout India, fulfilling approximately 2.5 lakh orders each day.  It has secured over $773 million in funding through several rounds from investors such as Temasek, Coatue Management, Lightbox, and Peak XV Partners.

It was reported that in April of this year, it secured $25 million from the Qatar Investment Authority at a valuation of $1.4 billion to expand its physical restaurants and food courts business.

In terms of finance, Rebel Foods disclosed a net loss of INR 378.2 Cr for FY24, reflecting a decrease of 42% from the previous fiscal year’s figure of INR 656.5 Cr.  During the fiscal year being examined, operating revenue increased by 19% to reach INR 1,420.2 Cr, up from INR 1,195.2 Cr in FY23.