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Rebel Foods backer Evolvence India nears target for fourth PE fund

VCCircle

VCCircle · 1y ago

Rebel Foods backer Evolvence India nears target for fourth PE fund

Private equity firm Evolvence India, known for backing companies like Rebel Foods and Dunzo, is close to reaching its target for its fourth PE fund. The firm, which previously raised around $200 million for its third private equity fund, is expected to secure a significant amount for its latest fund. Evolvence India has a strong track record of investing in promising businesses across diverse sectors.

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Evolvence's Kumar on change in Indian PE/VC scenario over the years, exit strategy and more

VCCircle

VCCircle · 7m ago

Evolvence's Kumar on change in Indian PE/VC scenario over the years, exit strategy and more

Evolvence India, a hybrid investment firm and limited partner backer for venture capital firms, is raising its fifth investment vehicle of $300 million. The firm's managing partner, Ajit Kumar, discusses the changing landscape of the Indian private equity and venture capital industry, as well as exit strategies. Evolvence India has previously supported venture capital firms like Lighhouse Funds and Blume Ventures.

Rebel Foods backer Alteria Capital closes third venture debt fund at $186 mn

VCCircle

VCCircle · 1y ago

Rebel Foods backer Alteria Capital closes third venture debt fund at $186 mn

Alteria Capital, a venture debt firm and backer of Rebel Foods, has closed its third venture debt fund at INR 1,550 crore (around $186 million). The fund, which surpassed its initial INR 1,000 crore target, will invest in venture capital-backed startups, providing up to INR 200 crore per company. Alteria Capital has also introduced a twin scheme strategy, comprising a venture debt scheme and a shorter duration scheme, with a final close expected by the end of 2024. The fund has already invested 50% of its capital commitments and currently has an AUM of INR 4,350 crore.

Rebel Foods raises $25 Mn from QIA: Report

Entrackr

Entrackr · 2m ago

Rebel Foods raises $25 Mn from QIA: Report

Cloud kitchen company Rebel Foods, which is set for a public-market listing in 2025-26, has reportedly raised $25 million (about Rs 212.71 crore) from Qatar Investment Authority. Mint, which reported the development first, added that the company raised the capital at a valuation of $1.4 billion. The fresh funds will be used to expand its physical restaurants and food courts business. Rebel Foods declined to comment on the story. In December 2021, the firm announced its Series G funding round of $210 million, comprising a mix of primary and secondary share sales. It has raised $773 million to date from KKR, Temasek, Lightbox, Evolvence, and others. Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. Its major competition includes horizontal and vertical foodtech plays including Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods. In February this year, Rebel Foods announced that it has launched its 15-minute food delivery app, QuickiES. Rebel Foods’ revenue from operations grew to Rs 1,420 crore in FY24 as compared to Rs 1,195 crore in FY23. The company generates most of its revenue through its core operations (sale of food), contributing 96.7% of the total operating revenue in FY24. It is a full-stack food tech firm that makes money from the sale of food through its owned stores and kitchens.

Temasek seeks CCI nod for investment in Rebel Foods

Economic Times

Economic Times · 8m 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.

Rebel Foods launches 15-min food delivery app ‘QuickiES’

Entrackr

Entrackr · 4m ago

Rebel Foods launches 15-min food delivery app ‘QuickiES’

Rebel Foods launches 15-min food delivery app ‘QuickiES’ Cloud kitchen unicorn Rebel Foods is making a foray into the 15-minute food delivery segment to compete with foodtech giants like Zomato and Swiggy. In a LinkedIn post, EatSure co-founder and CEO Sagar Kochhar announced that Rebel Foods has launched its 15-minute food delivery app, QuickiES. Co-founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates a network of cloud kitchens and restaurants across multiple countries. It owns and operates several quick-service restaurant (QSR) brands, including Behrouz Biryani, Mandarin Oak, Oven Story Pizza, Sweet Truth, LunchBox, The Good Bowl, Firangi Bake, The Biryani Life, and Wendy’s. Rebel Foods claims to operate over 450 cloud kitchens across India, the MENA region, Indonesia, the UK, and 75 Indian cities. In FY24, the company’s revenue from operations increased to Rs 1,420 crore, while its losses narrowed by more than 42% to Rs 378 crore during the same period. The Mumbai-based startup has raised $773 million in funding to date from investors such as KKR, Temasek, Lightbox, Evolvence, and others. The instant food delivery market is becoming increasingly competitive, with Zepto launching a dedicated app for Zepto Cafe, promising 10-minute food deliveries. Meanwhile, Zomato-owned Blinkit has introduced Bistro, a standalone app for instant food delivery. Similarly, Swiggy has launched a standalone app, SNACC, for 15-minute food delivery. Zomato has also entered the quick food delivery segment, while emerging platforms like Swish, Magicpin, and Zing are gaining momentum.

RTP Global’s Nishit Garg on the VC firm’s fund IV, India thesis, exits & more

Inc42 · 1y ago

RTP Global’s Nishit Garg on the VC firm’s fund IV, India thesis, exits & more

RTP Global, a UK-based venture capital firm, entered the Indian market in 2011 and has invested in 35 startups across three funds. The firm recently announced its fourth fund, RTP IV, with a corpus of $1 billion, with one-third of the funds earmarked for Indian startups. RTP Global focuses on sectors like artificial intelligence, machine learning, fintech, and ecommerce. Some of its notable investments include Snapdeal, FreeCharge, CRED, DeHaat, Rebel Foods, and MPL. The firm aims to be a leading fund in India and a partner of choice for entrepreneurs. View source article to read in detail.

Lighthouse nears $1.5 bn AUM as it hits final close of latest PE fund

VCCircle

VCCircle · 8m ago

Lighthouse nears $1.5 bn AUM as it hits final close of latest PE fund

Lighthouse Funds, an Indian mid-market private equity firm, has completed the fundraising for its fourth investment vehicle, bringing its total assets under management to over $1.4 billion. The firm has backed popular brands such as Fabindia, Duroflex, Wow! Momo, and Tynor. This latest fund will further enhance Lighthouse Funds' capacity to invest in promising mid-sized companies in India.

InCred nears final close of maiden PE fund exceeding target

VCCircle

VCCircle · 5m ago

InCred nears final close of maiden PE fund exceeding target

InCred Alternative Investments is approaching the final close of its maiden private equity fund, which was launched in February of the previous year. This fund, backed by KKR, may surpass its initial target corpus, according to a source familiar with the matter. InCred is part of a financial services group and this development marks a significant milestone for its growth and investment strategy.

InvAscent marks final close of fourth PE fund, falls shy of target

VCCircle

VCCircle · 2m ago

InvAscent marks final close of fourth PE fund, falls shy of target

Healthcare-focused private equity firm InvAscent finalized the closure of its fourth fund, which was launched in mid-2023. However, the fund did not meet its target. Although the precise reasons for this shortfall were not detailed, the initiative aligns with InvAscent's focus on healthcare investments, continuing its strategic approach despite not achieving the full anticipated capital raise. Details about the specific size of the fund or the target amount were not disclosed.

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

VCCircle

VCCircle · 6m 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.

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