Insurgent Meals mentioned the funding was a mixture of major and secondary share gross sales, the place its current buyers partially offered their stakes within the agency. Present investor Evolvence additionally participated within the spherical.
ET first reported on August 26 about Temasek’s plan to amass a stake in Insurgent Meals. The transaction closed at a flat valuation, as reported by ET. In October 2021, Insurgent Meals grew to become a unicorn following a $175 million funding spherical led by Qatar Funding Authority (QIA), the nation’s sovereign wealth fund.
The newly raised capital might be used for increasing Insurgent Meals’ footprint and strengthening its platform by enhancing its portfolio of manufacturers, the corporate mentioned. Present shareholders, US-headquartered Coatue and Mumbai-based fund Lightbox, partially offered their stakes on this financing.
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“We’re honoured to have Temasek be part of us on our journey, alongside the continued belief of Evolvence. This funding reinforces our imaginative and prescient to maintain strengthening our platform, enhancing our portfolio of manufacturers, scaling our omnichannel presence, and driving operational excellence globally,” mentioned Jaydeep Barman, cofounder and CEO of Insurgent Meals.
Uncover the tales of your curiosity
Insurgent Meals’ manufacturers embrace Oven Story Pizza, Lunchbox, The Good Bowl and Candy Fact. It additionally runs offline retailers underneath the EatSure model and holds grasp franchise rights for Wendy’s India. The corporate operates greater than 450 kitchens throughout 70 cities in India and has expanded into abroad markets such because the UAE and the UK.
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