Singaporean state-owned multinational investment firm Temasek Holdings (Private) Limited has reportedly planned to buy a 20-25 percent stake in Rebel Foods for $180-200 million.
Rebel Foods owns 11 cloud kitchen brands like Faasos, Behrouz Biryani, and Oven Story. According to a report by Livemint, Temasek will purchase stakes from Coatue Management, Lightbox, and Peak XV.
Lightbox owns a 9.7 percent stake in Rebel Foods while US-based Coatue holds an 18.6 percent stake. The other investors of the company are Goldman Sachs, Peak XV, etc.
On Monday, a filing by the Competition Commission of India (CCI) by Rebel Foods mentioned that Temasek subsidiary Jongsong Investments Pte. Ltd will acquire a stake in the company.
Temasek is a prolific investor in new-age firms such as Ola Electric, Zomato, and Cultfit, among others.
Rebel Foods is among the list of companies that are planning to launch an Initial Public Offering (IPO) in the next 12-18 months. The restaurant company has witnessed secondary stake sales by early investors just like Urban Company, Swiggy, and Lenskart.
The company is in talks with new brands to collaborate with its Rebel Launcher vertical. The company has partnered with over 20 brands such as Naturals, Bakingo, Narula’s, and Mad Over Donuts among others to date.
Started in 2011, Rebel Foods bagged the unicorn title in 2021 after it raised $175 million from the Qatar Investment Authority at a valuation of $1.4 billion.
Founders of Rebel Foods, Jaydeep Barman, and Kallol Banerjee, hold around 12% stake while Qatar Investment Authority holds around 9.9%.
Rebel Foods has narrowed its losses by 42 percent to Rs 378 crore in FY24 from Rs 657 crore in FY23.
It has 450 kitchens in 70 cities. The company is operational in 10 countries including Saudi Arabia, the UK, UAE.