The Competition Commission of India (CCI) has given the green light to Singapore’s sovereign wealth fund Temasek Holdings’s arm, Jongsong Investments, to acquire a stake in cloud kitchen company Rebel Foods.
The approval by CCI allows Jongsong Investments to subscribe to compulsorily convertible preference shares and buy equity shares in Rebel Foods, as reported by ETHospitalityWorld.com.
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Rebel Foods, founded in 2011 by Kallol Banerjee and Jaydeep Barman, operates 450 kitchens across 70 cities.
It owns brands such as Behrouz Biryani, Oven Story and Faasos, and runs 45 brands in multiple countries.
Reports had indicated that Temasek had plans for a significant stake acquisition in Rebel Foods via a mix of primary equity injection and secondary share purchases.
Rebel Foods is also reportedly planning for public listing by mid-2026.
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By GlobalDataEarly investors such as Coatue Management, Lightbox and Peak XV Partners are expected to divest a portion of their total 20% to 25% stake, as reported by IndianRetailer.com.
The deal, estimated at between $180 and $200m, will position Jongsong Investments prominently within Rebel Foods’ ownership structure.
Rebel Foods’ founders currently hold a 12% stake, while the Qatar Investment Authority has a 10% interest.
The company generates revenue through food sales from its cloud kitchens and third-party platforms, and from delivery fees and royalties earned from strategic partnerships.
Rebel Foods reported a 42% reduction in net losses for the fiscal year 2024 (FY24), decreasing from $79.4m to $45.4m compared to FY23.
This improvement was driven by a 19% increase in operating revenue, which rose to $171.5 million in FY24 from $161.4 million in FY23.
In October 2024, Rebel Foods, which is the master franchisee for the Wendy’s brand in India, opened its 160th Wendy’s restaurant at BTM Layout in Bengaluru.
