IPO-bound cloud kitchen operator Rebel Foods, announced on Thursday, that global investment firm KKR has acquired a stake in the firm. The deal which is part of an extended Series G funding round, sees $60-70 million come in at a flat valuation of $1.4 billion, according to sources familiar with the transaction.
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The development comes just a week after the company announced its Series G funding round of $210 million in a mix of primary and secondary share sales, which was led by Singapore’s Temasek Holdings with participation from existing investor Evolence along with exit to certain (undisclosed) investors. KKR’s addition, takes the round size to a total of $270-280 million.
The investment will fuel Rebel Foods’ expansion plans in India and the Middle East, while supporting the addition of new food and beverage brands to its existing portfolio. “Our focus remains on innovation, sustainability, and delivering long-term value for our customers and stakeholders,” said Jaydeep Barman, co-founder and CEO of Rebel Foods.
“We are pleased to invest in Rebel Foods, the largest cloud kitchen operator and brand owner, using technology to deliver a range of cuisines and culinary experiences to consumers. We look forward to leveraging our global network and local knowledge, and operational and technology expertise to further scale the company’s ability to expand its portfolio and deliver novel products to meet consumers’ evolving preferences,” said Akshay Tanna, partner and head of India private equity, KKR.
Prior to the Series G round, the company was valued at $1.4 billion, when it raised $13 million in debt in May this year from Alteria Capital and Innoven Capital, as per data from Tracxn. The latest addition brings the total equity infusion into the company to around $786-796 million. In FY24, the company posted a revenue of Rs 1485.4 crore, up from Rs 1,258.7 crore in FY23. Its losses reduced from Rs 656.5 crore in FY23 to Rs 378.2 crore in FY24.
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Rebel Foods operates brands including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, Wendy’s, and more in more than 70 cities in India and is expanding into international markets such as the UAE and the UK.
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