The Competition Commission of India (CCI) has approved KKR’s subsidiary, Royce Asia Holdings, to acquire a stake in Rebel Foods, the cloud kitchen unicorn, through a secondary transaction.
This deal will involve the purchase of both regular shares and compulsorily convertible preference shares (CCPS), though the exact amount of the stake being acquired remains undisclosed.
Details of this Investment
Earlier reports had indicated that KKR was poised to buy between $50 million and $75 million worth of shares from existing investors, Peak XV Partners and Coatue, in a deal that would value Rebel Foods between $800 million and $860 million.
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This approval comes on the heels of Rebel Foods’ impressive $210 million funding round, led by Temasek, which was completed just last week. The Series G funding round further strengthens Rebel Foods’ position as a leader in the cloud kitchen space, and KKR’s investment is seen as a sign of growing confidence in the company’s future growth prospects.
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The CCI’s Reasoning Behind the Order
The CCI noted that the deal is being filed under the “green channel route,” a process that allows transactions to be deemed approved if they do not pose any risk of significantly affecting competition. In this case, the CCI concluded that the transaction would not lead to any adverse impact on market competition in India, particularly as the companies involved do not have horizontally overlapping or vertically complementary business operations.
