Rebel Foods, which operates a network of cloud kitchens and digital brands, has announced a $10 million employee stock ownership plan (Esop) liquidation program for eligible current and former employees.
This year, over 150 present and former Rebel Foods employees were given the opportunity to liquidate their vested options through this program.
The opportunity is only available once every year. Every year, the corporation will set aside a sum to allow for such liquidation, the company said.
The liquidation was open to everyone who had vested options by October 31, 2021.
Rebel Foods secured $175 million in funding led by the Qatar Investment Authority (QIA), the country’s sovereign wealth fund, in October of last year.
Coatue and Evolvence India, both existing investors, also took part. The firm was valued at $1.4 billion after the investment round, booking itself a spot in the unicorn club.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods created brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, and Mandarin Oak. Last year, it took over the India cloud kitchen franchise of US burger brand Wendy’s.
Five top executives, including Sharma, were promoted to cofounders of Rebel Foods in 2020.
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