Rebel Foods, a startup specialising in cloud kitchens, has granted employee stock ownership plans (ESOPs) to more than 5,000 employees. As reported by many media sites, the option has been granted across its 350 kitchens and corporate offices on Tuesday. By fostering a spirit of ownership and embracing the rebel spirit, the company aims to cultivate an entrepreneurial culture and empower its workforce for mutual success.
Ankur Sharma, co-founder, Rebel Foods, expressed the intention behind their ESOP program, stating that it aims to democratise the process of wealth creation for their team, while also acknowledging their dedication, customer focus, and performance. He further emphasised their commitment to creating similar opportunities in the future, as a means of rewarding their employees for their hard work, contributions, and belief in Rebel’s vision and mission.
With this move, the company has tried to express its intention to recognise and reward the dedicated employees who have contributed to the company’s growth, aiming to enhance a sense of ownership throughout the organisation. The initiative also provides an opportunity for wealth creation among Rebel employees in various roles, including kitchen staff, riders, runners, administrative teams, and corporate staff across India, the UAE, and the United Kingdom.
Moreover, the company has also introduced ESOP liquidation program, enabling both current and former employees to convert their vested options into cash. This initiative provides an opportunity for shareholders to monetise their ESOPs once within a one-year timeframe.
This distribution brings the cumulative value of ESOPs held by the startup’s employees to $65 million (approximately Rs 550 crore).
Established in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates a network of online restaurants, comprising 4,000 cloud kitchens offering 45 distinct brands. The company’s operations span across multiple countries, including India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, the UAE, and the UK.
In April, Rebel Foods secured Rs 75 crore ($9.1 million) in debt funding from investors Northern Arc and Stride Ventures. This marks the fourth round of debt financing for the company. The company has also achieved a significant milestone by becoming the pioneering foodtech company in India to distribute ESOPs on a broad scale, encompassing all levels and regions.