Indian online restaurant company Rebel Foods is reportedly in talks with Qatar Investment Authority (QIA), a sovereign wealth fund of the state of Qatar, and US-based private equity firm Carlyle to raise anywhere between $150m and $200m.

These funds would take its valuation to as much as $1.5bn.

Citing three people familiar with the development, Indian financial newspaper Mint reported that Rebel Foods is in talks with the investors, and the deal could be finalised before Diwali festival, which falls on 4 November.

A person aware of the matter said that SoftBank’s Vision Fund also showed interest in investing in the Indian online restaurant company but later decided against it.

If the deal with QIA and Carlyle materialises, Rebel Foods is likely to use the proceeds to create a reserve fund for making future acquisitions, a source familiar with the matter revealed.

Rebel Foods was established in 2004 by Jaydeep Barman and Kallol Banerjee as a quick-service chain and later transformed into an online kitchen model.

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The online restaurant firm operates more than 400 locations across its brands, which include Oven Story, Behrouz Biryani, Faasos and Mandarin Oak.

In 2018, Faasos Food Services changed its name to Rebel Foods.

Other current investors in Rebel Foods include Goldman Sachs, Go-Jek and Coatue Management.

In December 2020, Wendy’s Company partnered with Rebel Foods to open 250 cloud kitchens in India over the next decade.