US-based investment firm Kohlberg Kravis Roberts & Co (KKR) has completed its investment in cloud kitchen operator Rebel Foods. This will help Rebel Foods expand into India and the Middle East and add more F&B brands to its portfolio.
Earlier this week, the Competition Commission of India (CCI) approved an investment in Rebel Foods from KKR through its affiliates.
“We are delighted to welcome KKR as a strategic partner in our journey. Their investment is a testament to our vision of building a strong platform, expanding our portfolio of brands, scaling our omnichannel presence, and achieving operational excellence on a global scale,” ” noted Jaideep Burman, 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 Asia Pacific companies in consumer technology, software and fintech.
Rebel Foods operates brands like Phasos, Behruz 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, which was completed after CCI approved the investment, was led by Singapore-based Temasek and Evolvence. The investment was made through Temasek Holdings’ arm, Jongsong Investments Pvt Ltd.
As Rebel Foods prepares to go public in 12 to 18 months, the Series G round is likely to be the company’s pre-IPO round. It competes with Chiratae Ventures-backed Curefoods and Tiger Global-backed EatClub.
In FY24, Rebel Foods narrowed its loss after tax 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.