Rebel Foods ESOP grant has reached approximately Rs 170 crore after the Mumbai-based cloud kitchen operator approved a fresh employee stock option allocation for its five co-founders. The board has approved 25.36 lakh stock options at an exercise price of Rs 670 per option, with co-founder and CEO Ankush Grover receiving the largest allocation. The shift follows the company's focus to reduce losses, boost profitability and to be ready for a potential public listing.

Key Highlights

• Mumbai-based Rebel Foods approved 25.36 lakh ESOPs worth Rs 170 crore for its five co-founders.

• CEO Ankush Grover received 17.09 lakh options valued at Rs 114.51 crore as Rebel Foods targets profitability and a potential IPO.

Rebel Foods Approves 25.36 Lakh ESOPs Worth Rs 170 Crore

According to the company's latest filing, Rebel Foods approved 25.36 lakh employee stock options for its five co-founders, with the total grant valued at around Rs 170 crore.

The maximum share of the options allocated to Grover was 17.09 lakh and the value of the options was about Rs 114.51 crore. Jaydeep Barman has been granted 4.27 lakh options for exercising at Rs 28.63 crore. The other three co-founders— Piyush Kakkad, Soumyadeep Barman and Ankur Sharma—in were each allotted 1.34 lakh options, worth around Rs 8.95 crore each.

The grant comes as the company continues to develop its cloud kitchen operations and strengthen its financial performance.

Ankush Grover Gets Largest Share of Rebel Foods ESOP Grant

Ankush Grover replaced Jaydeep Barman in July 2025 and has since been tasked with steering Rebel Foods towards profitability and preparing the company for a potential public listing. A significant portion of Grover's ESOP allocation appears to be linked to milestones, according to the source report.

The fresh stock option grant comes amid progress in the company's financial performance. Rebel Foods recorded a 21% revenue growth and a 16% drop in losses compared to the previous year in FY26.

Employee stock options are often given to link the incentive of a company's management with its long-term performance. Recipients' realized value, however, can be influenced by vesting conditions and terms of exercise, among other factors, and may also be subject to future changes in company value.

Also Read: Groww Grants Rs 51 Crore ESOPs after Strong Q4 Results

Rebel Foods FY26 Revenue Rises as Losses Narrow

Rebel Foods has a portfolio of food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Sweet Truth and The Good Bowl. It comes with its cloud kitchen business model that allows it to run multiple food brands from delivery kitchen locations.

The company's FY26 financial results quoted in the source document showed that losses were reduced by 16.3% to Rs 281.8 crore as operating revenue rose by 20% to Rs 1,951.6 crore. The source report also said that the revenue has increased by 21% year-on-year and losses have come down by 16%.

To date, the company has secured almost $803 million in funding, including from the likes of Peak XV Partners and Coatue, Qatar Investment Authority and Lightbox.

In an earlier instance, Rebel Foods has closed QuickiES, its 15-minute food delivery app, after a year of launching due to its cash burn. The decision highlighted the cost challenges associated with rapid delivery models.

Rebel Foods Focuses on Profitability and Potential IPO

The latest ESOP approval comes as Rebel Foods works to grow its established food brands while improving financial performance. Its focus on profitability and preparations for a potential public listing will remain key developments to watch.

The impact of the new ESOP allocation will depend on the applicable vesting conditions and future business performance. Equity analysts and the public will also be watching to see if the company can continue to grow its profits without increasing the losses.