The Competition Commission of India (CCI) on Tuesday cleared Singapore’s sovereign wealth fund Temasek Holdings’ proposed acquisition of a stake in foodtech company Rebel Foods.
Temasek Holdings, through its arm Jongsong Investments Pte, is acquiring a stake in Rebel Foods — which owns Faasos, Behrouz Biryani, Oven Story and other cloud kitchens.
The proposed combination envisages the subscription to certain compulsorily convertible preference shares and the acquisition of equity shares of Rebel Foods Private Ltd (Rebel Foods) by Jongsong Investments Pte Ltd, the regulator said in a release.
In September, Rebel Foods, the cloud kitchen startup, was in talks to raise funds in a range of $100-150 million in a fresh round led by Temasek.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is the world’s largest internet restaurant company, having over 450 kitchens across 70 cities.
Rebel Foods currently operates over 45 brands across multiple countries.
Further, Rebel Foods has been expanding into offline stores as it looks to tap a growing audience base and increase revenue streams. The company competes with Binny Bansal-backed Curefoods and Tiger Global-funded Eatclub, among others.
