The Competition Commission of India (CCI) has given the nod for Temasek, through its wholly-owned subsidiary Jongsong Investments, to acquire a stake in Rebel Foods.
Temasek subsidiary Jongsong Investments acquires stake
In a statement, the competition watchdog said that the companies proposed Jongsong subscribing to compulsorily convertible preference shares of Rebel Foods and acquiring equity shares of the cloud kitchen unicorn.
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“CCI approves the proposed acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Pte. Ltd,” the regulatory watchdog said in a statement.
Earlier this year, reports said that Temasek was looking to acquire a significant stake in Rebel Foods via a mix of primary equity infusion and secondary share sale. Notably, Rebel Foods is mulling a public listing within the next 12-18 months.
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Before that, early investors including Coatue Management, Lightbox, and Peak XV Partners are said to be looking for partial exits. Their combined 20-25% stake is expected to be acquired by Jongsong Investments for approximately $180-200 Mn. Following the transaction, Temasek will emerge as Rebel Foods’ largest shareholder.
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Currently, the startup’s founders hold a 12% stake in it, while Qatar Investment Authority owns about 10%. Founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods operates multiple quick-service restaurant (QSR) brands such as Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, and Wendy’s. The startup primarily generates revenue through the sale of food items via its own cloud kitchens and third-party kitchens.
