CCI Greenlights KKR's Stake in Rebel Foods

The Competition Commission of India (CCI) approved KKR's proposal to acquire a stake in Rebel Foods. KKR, through Royce Asia Holdings II Pte, plans to purchase equity and convertible preference shares. Rebel Foods operates 450 cloud kitchens globally. The deal poses no competition risks in India.

The Competition Commission of India (CCI) has given the green light to KKR's proposal to acquire a stake in the food-tech company Rebel Foods. This strategic move sees KKR, via its affiliate Royce Asia Holdings II Pte, expanding its interests into the growing food-tech industry.

Rebel Foods, known for its famous brands like Faasos, Behrouz Biryani, and Oven Story, as well as a network of 450 cloud kitchens worldwide, is a significant player in the sector. The acquisition involves the purchase of certain equity shares and compulsorily convertible preference shares by KKR.

The approved transaction, which falls under the green channel route, guarantees no adverse effect on competition in India, as stated by CCI. Furthermore, Rebel Foods is reportedly in discussions for additional funding from KKR, amounting to USD 50-70 million, possibly upping its valuation to USD 800-860 million.

(With inputs from agencies.)