Temasek, Singapore’s sovereign fund, is in advanced talks to lead a $100-150 million investment in Rebel Foods, the parent company of brands such as Faasos and Behrouz Biryani. This funding round will include a combination of primary and secondary share sales, with the Mumbai-based unicorn keeping the same valuation as its previous round over three years ago.
The secondary sale, in which current investors partially sell their holdings to Temasek, is scheduled to take place at a lower valuation of around $700 million. This represents a considerable reduction from Rebel Foods’ $1.4 billion valuation in October 2021, following a $175 million funding round spearheaded by the Qatar Investment Authority (QIA).
Jaydeep Barman and Kallol Banerjee launched Rebel Foods in 2011, and it now has 450 kitchens in 70 locations, with brands accessible in ten countries, including the UAE, Saudi Arabia, and the United Kingdom. The company has seen steady growth and is growing its offline presence through its own locations and franchises. Rebel Foods’ popular brands include Oven Story Pizza, Mandarin Oak, Firangi Bake, and Sweet Truth. It also maintains its own platform, EatSure, which includes offline locations and plans for further expansion. The company also has master franchise rights for Wendy’s in India and owns a controlling stake in the chocolate and dessert brand Smoor.
Rebel Foods is a prominent player in the fast-growing cloud kitchen field. According to a recent analysis from the National Restaurant Association of India (NRAI), the cloud kitchen sector grew at a pace of 30-40% between 2019 and 2024, with a projected growth rate of 35.20% over the next four years. This rise outpaces that of other food-related segments, such as quick-service restaurants (QSRs), cafes, casual dining, and fine dining.
Temasek’s proposed investment in Rebel Foods is part of a recent spike in large-scale, late-stage capital deals in the sector. This pattern demonstrates Rebel Foods’ predicted expansion and the growing importance of its brands in the market.
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