KKR to pick up stake in cloud-kitchen unicorn Rebel Foods

The Competition Commission of India (CCI) has given its approval to private equity (PE) firm KKR’s proposal to acquire a stake in Mumbai-headquartered cloud kitchen unicorn Rebel Foods under the green channel route. KKR’s subsidiary Royce Asia Holdings will acquire shares and compulsorily convertible preference shares (CCPS) of the startup via a secondary transaction. The funds would be raised at a valuation of USD 800 million to USD 860 million.KKR is reported to be buying shares worth USD 50-75 million from existing investors of Rebel Foods, including Peak XV Partners and Coatue, via a secondary transaction.Last week, Rebel Foods raised USD 210 million in its Series G round led by Temasek, with participation from existing investor Evolvence. The round was a mix of primary and secondary transactions.Founded in 2011 by Jaydeep Barman and Kallol Banerjee, 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 has raised more than USD 773 million till date.