Temasek files notice with CCI for investment in Rebel Foods
The Behrouz Biryani and Faasos owner is about to close a $100 million to $200 million funding round, including both primary and secondary sales, which is expected to be led by Temasek.
Singapore-based investment firm Temasek has filed a notice with the Competition Commission of India (CCI) to invest in Rebel Foods through its unit Jongsong Investments, The Arc reported, citing filings.
According to multiple media reports, the Behrouz Biryani and Faasos owner is about to close a $100 million to $200 million funding round expected to be led by Temasek. The round will include both primary and secondary sales.
Rebel Foods operates multiple cloud kitchen brands and is planning for its public debut in the next 12-18 months. The company runs Oven Story, Behrouz Biryani, Sweet Truth, and Faasos. It also undertook downsizing operations in January 2023, laying off 2% of its workforce.
Rebel Foods, which has raised multiple rounds of debt financing, earns money through the sale of food through its owned stores and kitchens.
The company narrowed its after-tax losses by 40% to Rs 378 crore in the financial year ended FY24 compared to Rs 656 crore a year ago, according to filings made with the Registrar Of Companies. It clocked a 19% increase in operating revenue to Rs 1,420 crore as compared to Rs 1,195 crore it posted a year earlier.
Rebel Foods, founded in 2011, closed its fourth debt financing round in April 2023, after raising Rs 75 crore in debt funding from Northern Arc and Stride Venture.
Edited by Jyoti Narayan