Mumbai-based Rebel Foods, the owner of wraps and rolls brand Faasos, will invest $4.9 million in online beverages company DropKaffe Food and Beverages.
While the investment will be made in tranches, the company is yet to receive approval from shareholders, regulatory filings show.
DropKaffe Food, which operates online beverage delivery services within Bengaluru, raised $2.3 million from institutional investors and angel investors between 2015 and 2017, according to VCCEdge data.
In 2015, the company had raised $300,000 in a seed funding round from angel investor Manish Singhal and US-based venture capital firm P39 Capital.
Founded in 2015 by Rakshit Kejriwal and DLV Subba, the firm owns the brand Goodness and offers coffee, cold coffee and bottled beverages.
Rebel Foods will also invest $3.5 million in its UAE-based subsidiary Rebel Internet Restaurants, the filings show.
So far in 2019, Rebel Foods has raised $97 million in four transactions from investors such as venture capital fund Lightbox Ventures II, private equity firm Coatue Management, venture debt fund Alteria Capital India Fund I and US-based Sequoia Capital, among others.
In July, the cloud kitchens company had raised $5 million in a Series D round from Indonesian taxi-hailing company Go-Jek.
Faasos Food Services, which was renamed to Rebel Foods in 2018, was founded by Jaydeep Barman and Kallol Banerjee. The company has morphed from quick-service restaurants to the cloud kitchen model.
Other than Faasos, Rebel Foods owns 10 brands such as Behrouz Biryani, Lunch Box, Oven Story, Mandarin Oak and The Good Bowl.