Rebel Foods acquires majority stake in luxury chocolate brand SMOOR
Rebel Foods, the world’s largest internet restaurant company, said it has invested in luxury chocolate brand SMOOR, cementing its position as the Thrasio of food. The companies did not disclose the size of the investment, but said SMOOR is now valued at more than $50 million.
This investment is in line with Rebel Foods’ recent announcement to invest $150 million over the next few years, as part of its goal to invest in and acquire promising brands to serve more food categories at from its cloud kitchens. With this investment, SMOOR aims for 3x growth in 2022-23. SMOOR has seen tremendous growth and love from customers even on online platforms, and this partnership would further contribute to the growth of the brand.
“The Indian chocolate market is growing at a blistering pace, and we are proud to say that SMOOR is spreading its wings further in tandem with the industry,” said Vimal Sharma, CEO of SMOOR. “Having created and led the couverture chocolate category in India, and introduced Indian dessert lovers to sumptuous indulgences with premium chocolates, cakes, macarons, etc., we are now thrilled to move on to the next step.”
SMOOR said it has single-handedly conceptualized and developed fine couverture chocolates and desserts in the country, with a CAGR above the industry average of more than 40% over the past 5 years, indicating its leadership in the domain. The company said it brings together authentic ingredients and offers a range of premium products, including chocolates, branded cakes, gift baskets, desserts, beverages and more. It is available in their Signature Lounge, cafes, kiosks, their own digital platforms as well as online aggregation platforms.
“With Rebel Foods’ investment, we are poised to make deeper inroads into the global market, introducing exciting new confections in multiple accessible formats,” said SMOOR’s Sharma.
The SMOOR brand has grown over 120% since last year and is aiming to reach an annual revenue of $100 million by 2026, expanding its presence in India and globally. SMOOR will continue to develop its omnichannel distribution strategy by expanding its physical customer experience centers in Tier 1 cities in India and accelerating its online presence on digital platforms. Future expansion will also include strengthening its physical presence in 9 cities (Mumbai, Pune, Hyderabad, Chennai, Bangalore, New Delhi, Gurgaon, Noida, Faridabad) and growing omnichannel presence.
“This investment gives us greater confidence that we have been able to consistently choose exceptional brands,” said Raghav Joshi, co-founder of Rebel Foods.
Rebel Foods’ Thrasio-style portfolio, called Rebel Launcher, aims to add 40 to 50 food categories, prioritizing missions such as high-end North Indian sweets and sandwiches. South India and India, over the coming year. Rebel also plans in the medium to long term to market all of its Rebel Launcher brands worldwide in India, Indonesia, United Arab Emirates (Dubai, Abu Dhabi, Sharjah), United Kingdom, Singapore, Malaysia, Thailand, Hong Kong and the Philippines. , and Bangladesh, with its footprint in 10 countries.
“As an early adopter of the Thrasio model in food in India, we have disrupted the traditional 500-year-old restaurant industry, creating a comprehensive technology platform – Rebel Operating System,” said Joshi from Rebel Foods. “Our goal will continue to be to bring great brands to every neighborhood through Food Missions.”