2024-10-16 05:30:15 :
The people, who spoke on condition of anonymity, said Temasek would buy shares from Coatue Management, Lightbox and Peak XV. Rebel Foods, which operates cloud kitchen brands such as Faasos, Behrouz Biryani and Mandarin Oak, plans an initial public offering in the next 12-18 months, the person added.
Ltd will acquire the stake, Temasek subsidiary Jongsong Investments Pte. Rebel Foods said in a filing with the Competition Commission of India (CCI) on Monday. While Temasek declined to comment, Peak XV, Lightbox, Coatue and Rebel did not respond to emailed requests for comment.
Rebel Foods, which claims to be the world’s largest network of cloud kitchens, joins a long list of companies approaching IPOs in which early investors are selling stakes a second time. Companies such as Urban Company, Swiggy and Lenskart have also conducted secondary sales ahead of planned IPOs.
The founders currently hold approximately 12% of Rebel Foods shares, while the Qatar Investment Authority holds approximately 9.9%.
ALSO READ | Rebel Foods may cost $Rs 200 crore to expand cloud kitchens, food courts
Secondary transactions and acquisitions involving profitable companies have surged since the start of 2023, according to a July report from DC Advisory. Such deals accounted for approximately 50% of total deal value between January 2023 and June 2024, with this figure climbing to 62% for deals over $50 million.
The above-mentioned person said: “As part of this round of financing, there is also a small major part.” Although the valuation of the first round of financing is US$1.4 billion, which is almost the same as the previous round of financing, the purchase price of the secondary shares is the above-mentioned The second person said the company may raise more new funding in the current round, ranging from $700 to $750 million.
In October 2021, the company raised $175 million in Series F funding led by QIA, valuing it at $1.4 billion.
ALSO READ | Temasek Holdings to accelerate investment and due diligence during valuation reset
While the company did not respond to an inquiry seeking comment, a Temasek spokesman declined to comment. Spokespeople for Peak XV, Coatue and Lightbox also did not respond to inquiries.
Most of the new funds will be used to expand its food court business, Eatsure, the person added. The company has been focusing on this model and recently formed a partnership with Indian fast-food chain Wendy’s. The company currently operates 10 EatSure formats in different cities, selling everything from biryani to pizza, cakes and coffee, and plans to open more formats in the coming years.
Secondary transactions and acquisitions involving profitable companies have surged since the start of 2023, according to a July report from DC Advisory.
Rebel Foods, founded in 2011 by Jaydeep Barman and Kallol Banerjee, besides operating offline stores in India, also operates cloud kitchens such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth and Wendy’s brand. In total, it operates more than 450 kitchens in more than 70 cities. The company has a portfolio of over 45 brands across countries including India, United Arab Emirates (UAE), Saudi Arabia and the UK.
The company’s losses were reduced to $Net loss in FY24 at Rs 378 crore $Revenues of Rs 657 crore in the previous year benefited from higher margins and economies of scale across its portfolio, Mint Reported in August. Its operating income rose slightly to $1,420 crore in FY24, higher than $1,195 crore in the previous year while expenses remained unchanged $1,857 crore, the report said.
and read | Rebel Foods plans IPO
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