The Competition Commission of India (CCI) has given the nod to KKR’s investment in Rebel Foods, or Kohlberg Kravis Roberts & Co., to grab a share in Rebel Foods, a big shot in the cloud kitchen scene. This deal is happening through Royce Asia Holdings II Pte, KKR’s affiliate, and it involves snapping up some equity shares and compulsorily convertible preference shares (CCPS) through a secondary transaction.
Key Points Of KKR’s Investment in Rebel Foods
On 16 December 2024, the CCI gave KKR the thumbs up, stating that this investment won’t mess with competition in India. They pointed out that there aren’t any overlapping activities between KKR’s other businesses and Rebel Foods, which meant they didn’t even need to define a specific market for this deal. That’s why it got fast-tracked under what they call the “green channel route.”
Rebel Foods’ Financial Leap
Word on the street is that KKR’s looking to pump between USD 50 million and USD 75 million into Rebel Foods. This comes hot on the heels of Rebel Foods pulling in USD 210 million in a Series G round, with Temasek Holdings from Singapore leading the charge. That round shot Rebel Foods’ valuation up to around USD 1.4 billion, making it a unicorn in the bustling food-tech sector from this we can expect Rebel Foods’ IPO soon.
Rebel Foods – The Cloud Kitchen Pioneer
Started by Jaydeep Barman and Kallol Banerjee back in 2011, Rebel Foods has been at the forefront of the cloud kitchen revolution, changing how restaurants do business. They’re now running about 450 kitchens in 10 countries, with a big presence in places like India, Indonesia, the UK, and the UAE. They’re not stopping there; they’re aiming for 800 kitchens in 200 cities by 2029.
Besides their kitchen operations, they’ve got their hands in the EatSure virtual food court app and manage 160 Wendy’s outlets in India. This mix makes them a strong contender in the food service game.
Navigating the Regulatory Maze
The “green channel route” was key here. It’s set up for deals that don’t stir up competition worries, allowing them to go through quickly upon notification. This shows how this deal fits into India’s competitive landscape without any hiccups.
This investment is a golden ticket for Rebel Foods to expand, sharpen its operations, and keep innovating. The company is also eyeing an IPO in the next 18 to 24 months, depending on how the market looks.
Wrapping Up
This partnership between KKR and Rebel Foods is shaping up to shake things up in the food-tech and cloud kitchen industries. With KKR’s financial know-how and Rebel Foods’ fresh ideas, they’re gearing up for some serious growth. As the food-tech world keeps spinning, this move could set Rebel Foods up for even greater success. For more information related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
