Singapore's Temasek seeks CCI approval to invest in this cloud kitchen platform

Singapore's Temasek is reportedly planning to invest in Rebel Foods , the parent company of Indian food delivery brands like Faasos and Behrouz Biryani . According to a post shared by The Arc on social media, Temasek has filed a notice with the Competition Commission of India ( CCI ) through its Jongsong Investments unit which shows its interest in participating in a funding round for the cloud kitchen platform. The CCI filing made by Temasek was also shared on social media platform X (earlier Twitter).


Take a look at the filing here





Rebel Foods looking for investment

Rebel Foods is reportedly aiming to raise $100 million to $200 million. Temasek is expected to lead the investment, which will include both primary and secondary share sales, reports Livemint.

The report cited three people aware of the development to claim that Temasek may buy a nearly 20-25% stake in Rebel Foods for $180-200 million. If this deal comes to fruition this can make the Singapore-based company become the biggest shareholder of the homegrown cloud kitchen chain.

As per the report, the source who asked to remain anonymous said that Temasek is planning to purchase the stake from Coatue Management , Lightbox and Peak XV in the cloud kitchen platforms. Rebel Foods, which operates cloud kitchen brands such as Faasos, Behrouz Biryani and Mandarin Oak, is planning an initial public offering in the next 12-18 months, the person added.

The founders currently hold around 12% stake in Rebel Foods, while Qatar Investment Authority holds around 9.9%.

The report also cited the source to add that Rebel Foods is planning to allocate a significant portion of its new funding towards expanding its Eatsure food court business. The company has been reportedly prioritising this format as it recently partnered with Wendy's in India.

Currently, Rebel Foods operates a small number of Eatsure locations in various cities, offering diverse food options from biryani to pizza and coffee. With plans to open more Eatsure food courts in the coming days, the company aims to solidify its presence in this growing market segment.