KKR Completes Strategic Investment in Rebel Foods to Boost Expansion and Brand Portfolio
- ByStartupStory | December 19, 2024
US-based investment firm Kohlberg Kravis Roberts & Co (KKR) has successfully completed its investment in Rebel Foods, a leading cloud kitchen operator. This strategic investment is set to fuel Rebel Foods’ expansion across India and the Middle East, while also enabling the company to diversify its food and beverage (F&B) brand portfolio. The deal, which received clearance from the Competition Commission of India (CCI) earlier this week, marks a significant step for both KKR and Rebel Foods.
The partnership is expected to drive Rebel Foods’ growth, scaling its omnichannel presence and enhancing operational efficiency on a global level. “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,” said Jaydeep Barman, Co-founder and CEO of Rebel Foods.
This investment is part of KKR’s broader Asia Next Generation Technology strategy, which aims to support the growth of consumer technology, software, and fintech companies across the Asia Pacific region. Rebel Foods operates a number of popular brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s.
In a notable development last week, Rebel Foods raised $210 million in a mix of primary and secondary share sales, with participation from Singapore-based Temasek and Evolvence. The funding round was led by Temasek Holdings’ arm, Jongsong Investments Pte, and completed following CCI’s approval of KKR’s investment.
This Series G funding round is anticipated to be Rebel Foods’ pre-IPO round, as the company is preparing for a public listing within the next 12 to 18 months. The company competes with other players in the cloud kitchen sector, including Chiratae Ventures-backed Curefoods and Tiger Global-backed EatClub.
Rebel Foods has shown impressive growth in recent years. In FY24, it significantly reduced its after-tax losses, which dropped 42% to Rs 378 crore from Rs 656 crore in the previous fiscal year. The company also reported a 19% increase in operating revenue, which rose to Rs 1,420 crore from Rs 1,195 crore in FY23, demonstrating its growing presence in the cloud kitchen industry.
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