Singapore's Temasek Acquires Stake in Foodtech Leader Rebel Foods

The Competition Commission of India (CCI) approved Temasek Holdings' acquisition of a stake in Rebel Foods, a foodtech company. Temasek, through Jongsong Investments, will own a portion of Rebel Foods, known for its cloud kitchen brands like Faasos and Behrouz Biryani. Rebel Foods aims to expand offline.

The Competition Commission of India (CCI) has cleared Singapore's Temasek Holdings for its proposed acquisition of a stake in the renowned foodtech firm, Rebel Foods. This strategic move is poised to enhance Temasek's investment portfolio within the booming food technology sector.

Temasek Holdings, via its subsidiary Jongsong Investments Pte, has set its sights on Rebel Foods, which boasts popular cloud kitchen brands such as Faasos, Behrouz Biryani, and Oven Story. The acquisition involves subscribing to compulsorily convertible preference shares and buying equity in Rebel Foods.

This development comes as Rebel Foods continues its expansion, operating over 450 kitchens globally. With new funding led by Temasek, Rebel Foods plans to broaden its offline presence, competing with other major players like Curefoods. Meanwhile, the CCI also greenlit Starcin's acquisition of Fosroc's companies.

(With inputs from agencies.)