Wednesday, June 29, 2022
HomeFood & EntertainmentCloud kitchen company Rebel Foods acquires majority stake in chocolate brand Smoor,...

Cloud kitchen company Rebel Foods acquires majority stake in chocolate brand Smoor, Retail News, ET Retail

Cloud kitchen company Rebel Foods acquires majority stake in chocolate brand SmoorNew Delhi: Cloud kitchen unicorn, Rebel Foods today announced that it has acquired a majority stake in chocolate brand Smoor, strengthening its Thrasio-style portfolio – Rebel Launcher.

This acquisition comes on the back of the company’s recent announcement to invest USD 150 million in investing and acquiring promising food brands.

“We are excited about adding Smoor to our catalog of brands with its leadership in high-quality chocolates and desserts offerings,” said Raghav Joshi, co-founder of Rebel Foods.

“This investment gives us further confidence that we have been able to consistently choose outstanding brands. Being an early adopter of the Thrasio model in food in India, we have disrupted 500 years old industry of the traditional restaurant business, by building a full-stack technology-enabled platform – Rebel Operating System,” Joshi added.

Launched in 2011, Rebel Foods is home to brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, Slay Coffee, and more. It claims to have over 450 cloud kitchens across 70 plus cities.

The investment pool will be used in the next few quarters, to scale up existing and new partnerships with around 40+ Indian and international brands.

Commenting on this investment, Vimal Sharma, CEO of Smoor said, “With Rebel Foods’ investment, we are set to make deeper inroads into the global market, introducing new and exciting confectionaries in multiple, accessible formats. We look forward to the growth that will unfold on the back of this development.”

With this investment, Smoor aims to register 3X times growth in 2022-23, read the press release.

Launched in 2015, Smoor makes luxury chocolates along with other products such as cakes, desserts, and beverages. It claims to have grown over 120 per cent since last year and is looking to achieve USD 100 million annual revenue by 2026. In the future, Smoor aims to strengthen its physical presence in 9 cities and accelerate its omnichannel presence.

Source link



Please enter your comment!
Please enter your name here


Most Popular

Recent Comments