Cloud Kitchen company Rebel Foods acquired a significant stake in Bangalore-based luxury chocolate brand Smoor on April 7, 2022. The investment values Smoor at a valuation of USD 50 million. However, the acquisition further consolidates Rebel Foods’ position as the Thrasio of food.
Purpose of acquisition by Rebel Foods
The acquisition aligns with Rebel Foods’ recent announcement of investing USD 150 million over the coming years. The Mumbai-based food-tech startup wants to further keep on investing and acquiring brands to serve more food categories from its cloud kitchens.
Rebel Foods works on a US-based Thrasio model, where the company acquires or invests in fast-growing digital-first brands and then scales them with capital and resources with other brands.
On the other hand, Smoor aims to grow three times in the year 2022-23 with the latest capital. Since last year, the luxury choco brand has grown by over 120 per cent. It seeks to achieve USD 100 million in annual revenue by 2026 by expanding its presence in India and globally. The future expansion will also include strengthening its physical presence in 9 cities, including Mumbai, Pune, Hyderabad, Chennai, Bangalore, New Delhi, Gurgaon, and Noida, Faridabad. Smoor will also seek to accelerate an omnichannel presence.
What the founder of Rebel Foods has to say
Raghav Joshi, the co-founder of 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 consistently chosen outstanding brands. Being an early adopter of the Thrasio model in food in India, we have disrupted the 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 bring great quality brands to every neighbourhood across food missions.”
What the founder of Smoor has to say
Vimal Sharma, chief executive officer (CEO), Smoor, said, “The Indian chocolate market is growing at a breakneck pace. We are proud to state that 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 thrilled to take the next step. With Rebel Foods’ investment, we will 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.”
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