CCI Approves KKR's Stake Acquisition in Rebel Foods

The Competition Commission of India (CCI) has approved KKR’s proposal to acquire a stake in Rebel Foods, a leading cloud kitchen unicorn. 

According to the CCI, KKR’s subsidiary, Royce Asia Holdings, will acquire shares and compulsorily convertible preference shares (CCPS) of Rebel Foods via a secondary transaction. 

The regulator stated that the transaction does not involve any overlapping or complementary business activities in India that could impact competition. Therefore, it qualifies under the green channel route, allowing automatic approval as no adverse competitive risks are identified.

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This announcement follows reports that KKR plans to invest $50 million to $75 million in Rebel Foods by purchasing shares from existing investors such as Peak XV Partners and Coatue, with the deal valuing Rebel Foods at approximately $800 million to $860 million. 

Rebel Foods recently secured $210 million in a Series G funding round led by Temasek, with contributions from Evolvence, comprising both primary and secondary transactions. 

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods operates multiple quick-service restaurant (QSR) brands, including Behrouz Biryani, Ovenstory Pizza, SLAY Coffee, and Wendy’s. 

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To date, the company has raised over $773 million and is backed by prominent investors such as Lightbox and Evolvence. Reports suggest Rebel Foods is preparing for an IPO on Indian stock exchanges within the next 12 to 18 months.

On the financial front, Rebel Foods reduced its net loss by 42% to ₹378.2 crore in FY24 from ₹656.5 crore in the previous year. Additionally, its operating revenue grew by 19%, reaching ₹1,420.2 crore in FY24 compared to ₹1,195.2 crore in FY23.