Global private equity giant KKR is picking up a state in foodtech company Rebel Foods Pvt. Ltd, which runs cloud kitchens and restaurants and has recently expanded its presence to offline markets.
KKR is joining Singapore state-owned investment firm Temasek on the cap table of Rebel Foods, which earlier this month raised $210 million (nearly Rs 1,800 crore) in its Series G funding round.
The new funding round, which was a mix of primary and secondary share sales, also saw participation from existing investor Evolvence. The company was reportedly valued at around $750 million in the funding round.
KKR is investing in Rebel Foods through a secondary purchase of shares from existing investors, VCCircle has gathered.
The PE firm was looking to invest around $50-$75 million in Rebel Foods at a valuation of around $800-860 million, the Mint newspaper reported earlier this month. The deal involved existing investors Peak XV Partners (formerly Sequoia Capital India and Southeast Asia) and American investment firm Coatue making partial exits, the report said.
Rebel Foods had raised $175 million in October 2021 at a valuation of around $1.3 billion to mark its entry into the unicorn club. The round was led by Qatar Investment Authority, with participation from existing investors Coatue and Evolvence.
Rebel Foods runs a portfolio of internet-first brands, including Faasos, Behrouz Biryani, Oven Story Pizza, Lunchbox, The Good Bowl, Sweet Truth, and Wendy’s. The company also operates the direct-to-consumer (D2C) platform EatSure.
The company’s brand lineup further features Slay Coffee, managed by DropKaffe Food and Beverages Pvt Ltd; Smoor, operated by Bliss Chocolates India Pvt Ltd; and Zomoz and Biryani Blues under Thea Kitchen Pvt Ltd.
Rebel Foods claims to manage over 450 kitchens across more than 70 Indian cities and has expanded operations to international markets, including the UAE and the UK.
Rebel Foods is prioritizing the growth of its in-house brands like Behrouz Biryani, Faasos, and Oven Story Pizza while scaling its partnership with Wendy’s, as it looks to accelerate growth and cut losses, VCCircle previously reported. India’s largest cloud kitchen operator is unlikely to invest further in external brands like Zomoz and Biryani Blues, citing their mounting losses and capital demands, the report added.