CCI clears Google’s $350 million funding in Flipkart, Temasek’s investment in Rebel Foods

The Competition Commission of India (CCI) has granted clearance for Google’s $350 million minority investment in Walmart-owned Flipkart, the antitrust regulator said on Tuesday. It also cleared the investment by Singapore's sovereign wealth fund Temasek in cloud kitchen startup Rebel Foods.

Google's investment in Flipkart is part of a nearly $1 billion funding round that valued the Indian e-commerce giant at $35-36 billion.

Walmart, which owns an 85% share in Flipkart, led the funding round with a $600 million infusion. ET first reported about the $1 billion financing round in December last year.


Rebel Foods-Temasek deal

On August 26, ET had reported that Temasek was in advanced discussions to lead an investment of $100-150 million in Rebel Foods, which operates cloud kitchen brands such as Faasos, Behrouz Biryani, Oven Story Pizza and Sweet Truth.

The deal will be a mix of both primary and secondary share sales, with a nearly flat valuation compared to its previous round nearly three years ago.

The secondary sale will be at a lower valuation of around $700 million. US-based Coatue and homegrown fund Lightbox may also partially divest their stakes in this round.

In August, Rebel Foods posted operating revenue of Rs 1,420 crore for the financial year ended March 31, 2024, up 19% from Rs 1,195 crore in FY23. Its loss reduced by 42% to Rs 378 crore in FY24 from Rs 656 crore in the previous fiscal year.

(The story has been updated with a correction. The earlier version erroneously attributed statements to the Competition Commission of India, which were actually submissions made by the parties involved.)