Cloud kitchen startup Rebel Foods has entered the unicorn club after raising $175 million in its Series F funding round that was led by sovereign wealth fund Qatar Investment Authority (QIA), with a valuation of $1.4 billion. Other investors also include existing investors such as Coatue and Evolvence.

Rebel Foods has said that it is moving towards profitability, with an annual run rate sales of $150 million, growing 100% year-on-year.

“While we are excited about becoming the next unicorn, our focus continue to remain on improving customer experience the Rebel way. This round of funding will be re-invested in building our technology, increasing our global presence and also acquiring new brands. Rebel Foods is working towards an IPO in the next 18 to 24 months,” said Piyush Kakkad, Rebel Foods’ chief financial officer.

The startup was founded in 2011 by INSEAD alumni Jaydeep Barman and Kallol Banerjee.They are the 31st unicorn to emerge from the Indian startup ecosystem this year and the first in the cloud kitchen space. A cloud kitchen restaurant prepares food only for delivery and does not offer dine-in services.

Rebel Goods manages more than 45 brands and 450 kitchens globally across 10 countries and regions. These include India, Indonesia, Malaysia, Singapore, Thailand, the Philippines, the United Arab Emirates, the United Kingdoms, and Bangladesh. It also operates over 4000 internet restaurants.

Goldman Sachs acted as the exclusive financial adviser and Shardul Amarchand Mangaldas acted as the legal adviser to Rebel Foods on the transaction.