CCI nods Google's investment in Flipkart and Temasek's in Rebel Foods

The Competition Commission of India (CCI) has approved Google’s $350 million investment in Walmart-owned e-commerce platform Flipkart. The deal had been awaiting approval since May this year.

Google’s investment is a part of Flipkart's $1 billion funding round led by Walmart. At the time of the announcement, Flipkart said that the investment was subject to regulatory and customary approvals from both parties. Flipkart was valued at $36 billion in this round.

Meanwhile, CCI has also given the final nod to investment in foodtech firm Rebel Foods by Jongsong Investments, a subsidiary of Singapore-based Temasek. As per media reports, Rebel Foods was in talks to raise $100-140 million via primary and secondary transactions.

Rebel Foods is raising equity funding after a gap of three years, with its last round completed in November 2021. Over the past two years, the company has raised nearly $50 million through five tranches of debt funding.

Rebel Foods currently claims to have over 450 cloud kitchens across India, MENA, Indonesia, UK, including 75 cities in India. In FY24, Rebel Foods’ revenue from operations grew to Rs 1,420 crore while its losses also narrowed by over 42% to Rs 378 crore in the said fiscal year.

It majorly competes with Curefoods, EatClub, Biryani By Kilo, FreshMenu, Biryani Blues, Kitchens@, Bigspoon, and HOI Foods.