CCI Approves KKR's Stake Acquisition in Rebel Foods

-Jaydeep Barman and Kallol Banerjee founded Rebel Foods in 2011. 

-We reported about Rebel Foods’ recent fundraise of $210 million from Temasek. 

-Rebel Foods operates brands including Faasos, Behrouz Biryani, and Oven Story, among others.

US-based investment firm KKR has received nods from the Competition Commission of India (CCI) to invest in Rebel Foods to complete its stake acquisition in the cloud-kitchen company. The acquisition will be made through KKR’s affiliate, Royce Asia Holdings II Pte. Further, the acquisition process will involve purchasing equity and convertible preference shares of Rebel Foods. 

Jaydeep Barman and Kallol Banerjee founded Rebel Foods in 2011. The cloud-kitchen company functions through 450 kitchens worldwide, including locations in India, Indonesia, the UK, and the UAE. 

Rebel Foods operates brands including Faasos, Behrouz Biryani, and Oven Story, among others. Reportedly, the CCI said that there are no overlapping business activities between Royce Asia Holdings II and Rebel Foods in India.

Further, the transaction is set to follow through the Green Channel Route Approval. This means, the transaction will be getting automatically approved under the Green Channel Route if it does not pose any risk or harming competition. 

According to the CCI, this acquisition would not negatively impact market competition in India. Recent reports revealed that Rebel Foods was in talks to secure additional funding from KKR in the range between $50-70 million, valuing the company at $800-860 million. Curefoods, Eatclub among the ones competing with Rebel Foods in India.

We reported about Rebel Foods’ recent fundraise of $210 million from Temasek. Temasek Holdings' investment in Rebel Foods underscores the increasing interest and strategic opportunities in the food-tech sector. Rebel Foods, known for its cloud kitchen model and innovation in online food delivery, is positioning itself to scale operations and enhance its technological capabilities with this funding.

Given the dynamism of the food-tech industry, such strategic investments by major players such as Temasek could accelerate the adoption of digital models, improve supply chain integration, and unlock opportunities in underserved markets. This trend could reshape the landscape of food delivery services, technology, and cloud kitchen models in the region.