The Competition Commission of India (CCI) on Tuesday approved the investment of Singapore-based , through its arm, Jongsong Investments Pte, in the cloud kitchen startup .
“The proposed combination envisages the subscription to certain compulsorily convertible preference shares and the acquisition of equity shares of Rebel Foods Private Limited (Rebel Foods) by Jongsong Investments Pte. Ltd. (Jongsong),” read the CCI’s order.
According to media reports, the Behrouz Biryani and Faasos owner is closing a funding round worth $100–$200 million led by Temasek through a mix of primary and secondary transactions.
The cloud kitchen operator—which plans a public debut in the next 12–18 months—has narrowed its after-tax losses by 40% to Rs 378 crore in FY24 from Rs 656 crore the previous year. Its operating revenue grew 19% to Rs 1,420 crore from Rs 1,195 crore.
In January 2023, the company undertook operational restructuring, downsizing its workforce by 2%.
The CCI said the detailed order on the transaction will follow soon.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods closed its fourth debt financing round in April 2023, after raising Rs 75 crore in debt funding from Northern Arc and Stride Venture.
Rebel Foods operates in India, Indonesia, Singapore, Malaysia, Thailand, Bangladesh, and the UK, among others. It competes with Ankit Nagori-founded Curefoods, which operates brands Eatfit, Sharief Bhai, Olio Pizza, Rolls on Wheels, Nomad Pizza, and Millet Express.
