Singapore-based investment firm Temasek has filed a notice with the Competition Commission of India (CCI) to invest in Rebel Foods through its unit Jongsong Investments, The Arc reported, citing filings. 

According to multiple media reports, the Behrouz Biryani and Faasos owner is about to close a $100 million to $200 million funding round expected to be led by Temasek. The round will include both primary and secondary sales. 

Rebel Foods operates multiple cloud kitchen brands and is planning for its public debut in the next 12-18 months. The company runs Oven Story, Behrouz Biryani, Sweet Truth, and Faasos. It also undertook downsizing operations in January 2023, laying off 2% of its workforce. 

Rebel Foods, which has raised multiple rounds of debt financing, earns money through the sale of food through its owned stores and kitchens.

The company narrowed its after-tax losses by 40% to Rs 378 crore in the financial year ended FY24 compared to Rs 656 crore a year ago, according to filings made with the Registrar Of Companies. It clocked a 19% increase in operating revenue to Rs 1,420 crore as compared to Rs 1,195 crore it posted a year earlier.

Rebel Foods, founded in 2011, closed its fourth debt financing round in April 2023, after raising Rs 75 crore in debt funding from Northern Arc and Stride Venture. 

The Entrepreneurship Cell (E-Cell) of IIT Madras is hosting the third edition of the Chennai Startup Meetup on 19th October 2024, from 3:00 PM to 6:00 PM at IIT Madras. This event provides a platform for startups, investors, venture capitalists (VCs), and mentors to engage with Chennai’s growing startup ecosystem.

The Chennai Startup Meetup is designed to foster conversations and collaborations among entrepreneurs, investors, and mentors. Its aim is to create an environment where participants can share insights and explore emerging trends. Whether you are a founder seeking funding or an investor exploring new opportunities, this event encourages valuable networking and knowledge exchange.

What Startups Can Gain

Startups attending the event will have several opportunities:

Access to Investors: The event offers closed-door meetings for startups with investors, creating opportunities for private discussions about funding and growth.

Industry Insights: A fireside chat with a guest speaker will provide startups with real-world advice from an experienced entrepreneur, sharing lessons that can help guide early-stage ventures.

Networking with Mentors: Startups will also have the chance to connect with mentors from the IIT Madras ecosystem, known for nurturing successful ventures. This network can be a valuable resource for guidance and collaboration.

What Investors Can Expect

For investors and venture capitalists, the meetup presents opportunities to explore fresh ideas and interact with emerging startups. Features for investors include:

Engagement with New Startups: Investors can meet founders and learn about innovations and business models in various sectors, offering a glimpse into the latest trends.

Networking within the IIT Madras Ecosystem: The event is linked to the IIT Madras Incubation Cell, providing a pathway to ventures that have been developed in an established framework of support.

Key Features of the Event

Networking Session: A dedicated session for informal discussions between startups, investors, and mentors.

Reverse Pitch: A unique format where VCs and investors present their focus areas, allowing startups to understand what different investors are seeking.

Fireside Chat: A notable guest speaker will share their entrepreneurial experiences.

The Chennai Startup Meetup 2024 offers a valuable opportunity for startups, investors, and mentors to connect, share knowledge, and explore potential collaborations. Scheduled for 19th October 2024 at IIT Madras, the event promises to be a key moment for Chennai’s startup ecosystem. Registration is available through the official website.

India’s Gen Z population, now at 377 million, is not just the largest generation in the country’s history but also a powerful economic force with a collective spending power of $860 billion, a report has revealed.

Gen Z is the generation of people born between 1996 and 2010.

The “The $2 Trillion Opportunity: How Gen Z is Shaping the New India” report by technology firm Snap (parent company of Snapchat) and Boston Consulting Group (BCG) revealed that Gen Z currently holds a collective spending power of $860 billion, accounting for 43 % of India’s total consumer expenditure.

“Gen Z is already driving 43% of India’s consumer spending. Their influence is not limited to select categories —it cuts across categories ranging from fashion, eating out, to automobiles and consumer durables,” said Nimisha Jain, Senior Partner and Managing Director, BCG India.

Gen Zs are poised to play an increasingly vital role with their spending power projected to reach an astounding $2 trillion by 2035, the report said.

Collective spending consists of direct spending—made by working Gen Zs with their earnings, and influenced spending—by dependent Gen Zs; these spends are mostly made by families where Gen Zs play an active role in influencing product/brand choice.

Direct spending currently stands at $200 billion, with 1 out of every 4 GenZs in the workforce. The figure is projected to reach $250 billion by 2025 when every second Gen Z will be working, the report said.

“By 2035, these figures (direct spends) are expected to change dramatically, with direct spending projected to reach $1.8 trillion, implying that every second rupee of consumer spend in 2035 will be driven by Gen Z,” it said.

The report is based on the findings of a survey carried out among around 1,000 parents to evaluate their influence, alongside insights gathered from around 1,200 Gen Zs and millennials to identify their core values and purchasing behaviours. It also took insights from the combined expertise of BCG and Snap in the domain.

Further, Jain said it is important for marketers to take note that this generation is driven by unique values and beliefs, however, it was observed that only 15 % of brands surveyed are actively taking steps to tap into this opportunity.

“For businesses, understanding and authentically engaging with Gen Z isn’t just good to have; it’s necessary for winning today and will be imperative for survival tomorrow,” she said.

The report said that while 45 % of businesses acknowledge Gen Z’s potential, only 15 % have actively leveraged these insights—a gap that presents brands with a prime opportunity to forge deeper connections with the generation shaping India’s consumer future.

It recommended rapidly innovating in line with trends, integrating social interaction throughout the shopping journey, providing visually immersive experiences both online and offline, and engaging with the right influencers in the right way as initiatives brands should take to capitalise on the opportunity.