India-based Rebel Foods, which operates cloud kitchen brands such as Faasos and Behrouz Biryani, has purchased a majority stake in luxury chocolate brand Smoor.
Financial terms were not disclosed, however, the deal valued Smoor at more than $50m, reported LiveMint.
Established in 2015, the Bengaluru-based couverture chocolate brand sells signature cakes, desserts, gift hampers and beverages through its own stores, cafes and kiosks.
The brand also owns a direct-to-consumer channel and maintains a presence on online aggregator platforms.
The financial boost from Rebel Foods will help Smoor expand its presence and distribution in India as well as globally.
Having grown more than 120% since last year, the brand is targeting an annual revenue in the range of $100m by 2026.
It also aims to further enhance its omnichannel distribution strategy by ramping up its presence on digital platforms and increasing its number of physical stores across India’s Tier One cities.
Commenting on the deal, Smoor CEO Vimal Sharma was quoted by The Hindu BusinessLine as saying: “The Indian chocolate market is growing at a breakneck pace. With Rebel Foods’ investment, we are set to make deeper inroads into the global market, introducing new and exciting confectionaries in multiple, accessible formats.”
The latest deal with Smoor is part of Rebel Foods’ strategy to invest $150m in the coming years to scale up its portfolio of foodservice brands in India.
Rebel Foods co-founder Raghav Joshi said: “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.”
Last year, Rebel Foods teamed up with online food delivery platform Foodpanda to bolster its presence in Southeast Asian markets.