CCI approves Temasek investment into Rebel Foods
Competition Commission of India (CCI) on Tuesday approved the investment of Singaporean sovereign fund Temasek in Rebel Foods, the parent company of Faasos and Behrouz Biryani.
The deal will be a mix of both primary and secondary share sales, with a nearly flat valuation compared to its previous round nearly three years ago.
The secondary sale will be at a lower valuation of around $700 million. US-based Coatue and homegrown fund Lightbox may also partially divest their stakes in this round.
On August 26, ET had reported that Temasek is in advanced discussions to lead an investment of $100-150 million in Rebel Foods.
In August, Rebel Foods posted operating revenue of Rs 1,420 crore for the financial year ended March 31, 2024, up 19% from Rs 1,195 crore in FY23. Its loss reduced 42% to Rs 378 crore in FY24 from Rs 656 crore the previous fiscal year.
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