Private equity major KKR said it has invested in Rebel Foods, an Indian cloud kitchen startup that operates brands such as Faasos, Oven Story, and Behrouz Biryani.
While the firm declined to disclose the deal size, media reports suggest it could be around $75 million.
Through the transaction, KKR said it will support Rebel Foods’ growth, including its expansion in India and the Middle East and adding more food & beverage brands into its portfolio.
KKR’s investment in the firm comes a week after Singapore’s Temasek Holdings Pte reportedly invested in Rebel Foods’ $210 million Series G round. The round valued the Mumbai-based company at $1.4 billion.
Rebel Foods entered the unicorn club (startups valued at $1 billion and above) after raising $175 million in its Series F funding round in October 2021, led by Qatar Investment Authority (QIA). Existing investors Coatue and Evolvence also participated in the round.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is a fast-growing internet restaurant company. The company operates over 45 brands and 450 kitchens globally across multiple countries, including India, the United Arab Emirates (Dubai, Abu Dhabi, Sharjah), the United Kingdom, and Saudi Arabia. Its other brands include Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth, Wendy’s, and more.
This transaction marks KKR’s latest investment in India made from its Asia Next Generation Technology strategy, which seeks to support the growth of innovative, disruptive companies in Asia Pacific across consumer technology, software, and fintech.
Avendus Capital acted as the exclusive financial advisor to Rebel Foods on the transaction.
