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CCI approves KKR’s proposal to acquire stake in cloud kitchen brand operator Rebel Foods | Company Business News

Livemint

Livemint · 8m ago

The Competition Commission of India (CCI) has given its approval to global investment firm KKR's plan to acquire a stake in Indian food-tech company Rebel Foods. KKR, through its affiliate Royce Asia Holdings II Pte, will acquire a stake in Rebel Foods, which operates popular brands like Faasos and Behrouz Biryani. The deal does not involve any horizontal overlaps or vertical/complementary links between the two companies' activities, and is being filed under the green channel route, which facilitates approval for transactions that do not pose competition risks. Rebel Foods was also reportedly in talks to raise additional funding from KKR.

Related News

Temasek to acquire Rebel Foods stake for $180-200 million

Livemint

Livemint · 10m ago

Temasek to acquire Rebel Foods stake for $180-200 million

Singapore's Temasek Holdings is reportedly set to acquire a 20-25% stake, worth $180-200 million, in Rebel Foods, making it the largest shareholder of the cloud kitchen chain. The stake is being purchased from existing investors Coatue Management, Lightbox, and Peak XV. Rebel Foods, which operates popular cloud kitchen brands like Faasos and Behrouz Biryani, is planning an IPO within the next 12-18 months. The funding will be used to expand Rebel Foods' food court business, Eatsure. The company currently operates over 450 kitchens in more than 70 cities and has a portfolio of 45 brands across multiple countries.

How Rebel Foods’ hunger for growth may leave external brands starving

VCCircle

VCCircle · 11m ago

How Rebel Foods’ hunger for growth may leave external brands starving

Rebel Foods, India's largest cloud kitchen operator, is prioritizing the growth of its own brands instead of investing in external brands it previously supported. The company aims to accelerate growth and reduce losses by focusing on its in-house brands. This shift in strategy comes as Rebel Foods seeks to solidify its position as a leader in the cloud kitchen industry in India.

Temasek seeks CCI nod for investment in Rebel Foods

Economic Times

Economic Times · 10m ago

Temasek seeks CCI nod for investment in Rebel Foods

Singaporean sovereign fund Temasek is seeking approval from the Competition Commission of India (CCI) for a significant investment in Rebel Foods, the parent company of Faasos and Behrouz Biryani. Temasek is in advanced discussions to lead an investment of $100-150 million in Rebel Foods, which would include both primary and secondary share sales. The Mumbai-based firm turned unicorn in October 2021 after a $175 million funding round. Rebel Foods owns multiple cloud kitchen brands and plans to go public in the next few years. The cloud kitchen sector is expected to grow at a rate of 35.2% over the next four years.

CCI clears Google’s $350 million funding in Flipkart, Temasek’s investment in Rebel Foods

Economic Times

Economic Times · 8m ago

CCI clears Google’s $350 million funding in Flipkart, Temasek’s investment in Rebel Foods

The Competition Commission of India (CCI) has approved Google's $350 million investment in Flipkart and Temasek's investment in Rebel Foods. Google's investment is part of a $1 billion funding round for Flipkart, valuing the company at $35-36 billion. Walmart, the majority owner of Flipkart, led the funding round with a $600 million infusion. The CCI stated that Google's investment is a small and non-controlling acquisition and that the two companies will continue to operate independently. Rebel Foods, which operates cloud kitchen brands, received an investment from Temasek.

KKR set to take a bite of cloud kitchen operator Rebel Foods

VCCircle

VCCircle · 8m ago

KKR set to take a bite of cloud kitchen operator Rebel Foods

Global private equity firm KKR is set to invest in cloud kitchen operator Rebel Foods, joining Singapore's Temasek on the company's cap table. Rebel Foods recently raised $210 million in a Series G funding round. KKR's investment will come through a secondary purchase of shares from existing investors, including Peak XV Partners and Coatue. Rebel Foods operates various internet-first brands, such as Faasos and Behrouz Biryani, and manages over 450 kitchens across more than 70 cities in India and internationally. The company plans to focus on in-house brands for growth and reduce losses.

Cloud kitchen operator Rebel Foods narrows losses by 40% in FY24 as topline grows

YourStory

YourStory · 11m ago

Cloud kitchen operator Rebel Foods narrows losses by 40% in FY24 as topline grows

Cloud kitchen operator Rebel Foods saw a 40% reduction in after-tax losses, narrowing it down to Rs 378 crore in the financial year ending FY24. The company, previously known as Faasos, reported a 19% increase in operating revenue to Rs 1,420 crore, with food sales accounting for 96.7% of its total revenues. Total expenses slightly rose due to finance costs and material consumption. Rebel Foods underwent downsizing operations in January 2023, letting go of 2% of its workforce. The company operates in multiple countries and competes with Curefoods, among others.

Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

Entrackr

Entrackr · 1y ago

Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

Rebel Foods to take Oven Story Pizza offline, to set up over 250 franchise outlets

Thehindubusinessline

Thehindubusinessline · 1y ago

Rebel Foods to take Oven Story Pizza offline, to set up over 250 franchise outlets

Rebel Foods, the company behind cloud-kitchen and digital brands, is expanding its flagship brand, Oven Story Pizza, in the offline market through franchising. By opening 250-300 outlets in the next few years, Rebel Foods aims to compete with global pizza chains in India's fast-growing pizza segment. The company is targeting tier-2 and tier-3 markets, where there are untapped opportunities due to increasing disposable incomes and consumer preferences for national food brands. Rebel Foods has witnessed healthy growth across its locations and credits its Food-Court App, EatSure, for fueling this growth.

CCI approves Kedaara Capital's proposal to acquire stake in Porter

YourStory

YourStory · 1m ago

CCI approves Kedaara Capital's proposal to acquire stake in Porter

The Competition Commission of India (CCI) approved Kedaara Capital's proposal to acquire a stake in Porter, an on-demand logistics firm based in Bengaluru. This follows a previous CCI approval for an investment from Wellington Management. Earlier, Porter raised $200 million in a Series F funding round, led by Kedaara and Wellington. The new funds will aid in expanding operations, team growth, and technological development. Early investors saw substantial returns from the investment round.

KKR to invest $50-75 mn in Rebel Foods at $860 mln valuation | Company Business News

Livemint

Livemint · 8m ago

KKR to invest $50-75 mn in Rebel Foods at $860 mln valuation | Company Business News

Private equity firm KKR is set to acquire shares of Rebel Foods in a deal worth $50-75 million, valuing the startup at around $860 million. This comes shortly after Rebel Foods announced a $210 million funding round led by Temasek. The deal with KKR involves a secondary transaction, with existing investors Peak XV and Coatue selling some of their shares. The funding will help Rebel Foods expand its omnichannel presence and portfolio of brands. Rebel Foods currently operates over 450 cloud kitchens across multiple countries.

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