KKR completes investment in cloud kitchen operator Rebel Foods after CCI clearance

US-based investment firm Kohlberg Kravis Roberts & Co (KKR) has completed its investment in cloud kitchen operator Rebel Foods. This will help Rebel Foods to expand in India and Middle East and add more F&B brands to its portfolio.

Earlier this week, the Competition Commission of India (CCI) approved the investment from KKR, through its through its affiliates, in Rebel Foods.

“We are happy to welcome KKR as a strategic partner in our journey. Their investment is a testament to the inroads we have made towards our vision of building a stronger platform, expanding our portfolio of brands, scaling our omnichannel presence, and achieving operational excellence on a global scale," noted Jaydeep Barman, Co-founder and CEO of Rebel Foods.

The investment is part of KKR's broader Asia Next Generation Technology strategy, which aims to support the growth of companies in Asia Pacific across consumer technology, software, and fintech.

Rebel Foods operates brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s.

Last week, Rebel Foods raised $210 million in a mix of primary and secondary share sales. The round, completed after CCI cleared the investment, was led by Singapore-based Temasek along with participation from Evolvence. The investment was made through Temasek Holdings's arm, Jongsong Investments Pte.

Also Read

Curefoods in talks to buy Krispy Kreme from Dubai’s Landmark Group

The Series G round is likely to be the company's pre-IPO round as Rebel Foods gears up to go public in 12 to 18 months. It competes with Chiratae Ventures-backed Curefoods and Tiger Global-backed EatClub.

In FY24, Rebel Foods reduced its after-tax losses to Rs 378 crore, down 42% from Rs 656 crore in the previous year. During the same period, it reported a 19% growth in operating revenue at Rs 1,420 crore, from Rs 1,195 crore in the previous fiscal year.