Bengaluru, April 7

Foodtech unicorn Rebel Foods has acquired a majority stake in the luxury chocolate brand, SMOOR at a valuation of over $50 million.

This is in line with Rebel Foods’ recent announcement of investing $150 million over the coming years, as part of its focus on investing and acquiring brands to serve more food categories from its cloud kitchens. With this investment, SMOOR aims to grow by 3x in the year 2022-23.  

Expanding presence

SMOOR has conceptualised and developed coverture chocolates and finely-crafted desserts in the country, with an above industry average CAGR of +40 per cent over the last five years. The SMOOR brand said it has grown over 120 per cent since last year and is looking to achieve a scale of $100mn annual revenue by 2026, by expanding its presence in India and globally.  SMOOR will continue to build its omnichannel distribution strategy by expanding its physical customer experience centers across Tier 1 cities in India and accelerating its online presence across digital platforms. The future expansion will also include strengthening its physical presence in 9 cities (Mumbai, Pune, Hyderabad, Chennai, Bangalore, New Delhi, Gurgaon, Noida, Faridabad) and an omnichannel presence.

Speaking of the investment, Vimal Sharma, CEO, SMOOR, said, “The Indian chocolate market is growing at a breakneck pace, and we are proud to state the SMOOR is further spreading its wings in tandem with the industry. Having created & leading the couverture chocolate category in India, and introducing Indian dessert lovers to lavish indulgences with premium chocolates, cakes, macarons, and more, we are now thrilled to take the next step. 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.” 

, Raghav Joshi, Co-founder, Rebel Foods, said, “We are excited about adding SMOOR to our catalogue of brands with its leadership in high-quality chocolates and desserts offerings. 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. Our focus will continue to be on bringing great quality brands to every neighbourhood across food missions.”

More food categories

Rebel Foods Thrasio-style portfolio, termed Rebel Launcher, aims to add 40 to 50 food categories, prioritising categories like premium North Indian, South Indian, Indian Sweets, Sandwiches, amongst others. Rebel also plans in the mid-to-long run to take all its Rebel Launcher brands globally across India, Indonesia, United Arab Emirates (Dubai, Abu Dhabi, Sharjah), the United Kingdom,  Singapore, Malaysia, Thailand, Hong Kong, Philippines, and Bangladesh, with its 10-country footprint.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is an cloud kitchen company, home to brands such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, SLAY Coffee, Sweet Truth, Wendy’s and more. With over 450+ kitchens across 70+ cities, Rebel Foods has developed their full-stack technology - Rebel OS - through which multiple brands are launched and scaled up in a very short period. Through the Rebel Launcher, powered by Rebel OS, the company has launched over 25 brands. Rebel Foods currently operates 45+ brands across 10 countries - India, Indonesia, UAE (Dubai, Abu Dhabi, Sharjah), the UK, Singapore, Malaysia, Thailand, Hong Kong, Philippines, and Bangladesh.