INDIA – The Competition Commission of India (CCI) has approved Singapore sovereign wealth fund’s Jongson Investments to acquire a stake in cloud kitchen restaurant operator Rebel Foods.
The Competition Commission of India (CCI) has approved Jongsong Investments’ plan to acquire a stake in Rebel Foods through compulsorily convertible preference shares and equity purchases.
Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods operates 450 cloud kitchens across 70 cities and manages 45 brands globally, including Behrouz Biryani, Oven Story, and Faasos.
Recent reports also suggest Temasek intends to acquire a significant stake in Rebel Foods through a combination of primary equity investment and secondary share purchases.
Rebel Foods is reportedly eyeing a public listing by mid-2026. Early investors, including Coatue Management, Lightbox, and Peak XV Partners, are expected to sell part of their collective 20-25% stake, according to IndianRetailer.com.
The deal, estimated at US$180-200 million, will solidify Jongsong Investments’ position in Rebel Foods’ ownership structure.
Currently, the company’s founders hold a 12% stake, while the Qatar Investment Authority owns 10%. Rebel Foods generates revenue from food sales via its cloud kitchens and third-party platforms, delivery fees, and royalties from strategic partnerships.
The decision to invest in the company was driven by its strong financial performance and strategic decisions.
For FY24, Rebel Foods reduced its net losses by 42%, from USD 79.4 million in FY23 to USD 45.4 million, driven by a 19% growth in operating revenue, which rose to USD 171.5 million from USD 161.4 million.
In October 2024, Rebel Foods, the master franchisee for Wendy’s in India, launched its 160th Wendy’s outlet at BTM Layout, Bengaluru.
This outlet embodies Wendy’s digital-first strategy, featuring self-order kiosks, over 50 seats, and both dine-in and takeaway options. Customers can enjoy signature offerings such as the OG Spicy Aloo Crunch Burger, Flavour Fresh Premium Burgers, and the Frosty dessert.
Rebel Foods is expanding Wendy’s dine-in presence in Delhi NCR, Bengaluru, and Hyderabad while enhancing delivery services.
The company plans to open several more restaurants by December 2024 in cities like Tiruppur, Mysore, Nagpur, Bhilai, and Kanpur.
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