Luxury Chocolate Brand SMOOR is now valued at upwards of $50 million, Rebel Foods acquires majority stake
Mumbai, 11th April 2022: Rebel Foods, the world’s largest internet restaurant company, today announced its investment in the luxury chocolate brand, SMOOR, further consolidating its position as the Thrasio of food.
This is in line with Rebel Foods’ recent announcement of investing USD 150 million over the coming years, as part of its focus on investing and acquiring promising brands to serve more food categories from its cloud kitchens. With this investment, SMOOR aims to grow by 3x in the year 2022-23. SMOOR has witnessed tremendous growth and customer love even on online platforms and this partnership would further help in the brand growth.
SMOOR has single-handedly conceptualized and developed coverture chocolates and finely-crafted desserts in the country, with an above industry average CAGR of +40% over the last 5 years, indicating its domain leadership. It brings together authentic ingredients and offers a premium range of products including chocolates, signature cakes, gift hampers, desserts, beverages, and much more. It is available across their Signature Lounge, Cafes, Kiosks, own digital platforms as well as online aggregator platforms.
The SMOOR brand has grown over 120% since last year and is looking to achieve a scale of $100mn annual revenue by 2026, by expanding its presence in India and globally. SMOOR will continue to build its omnichannel distribution strategy by expanding its physical customer experience centers across Tier 1 cities in India and accelerating its online presence across digital platforms. The future expansion will also include strengthening its physical presence in 9 cities (Mumbai, Pune, Hyderabad, Chennai, Bangalore, New Delhi, Gurgaon, Noida, and Faridabad) and a fast-growing omnichannel presence.
Speaking of the investment, Vimal Sharma, CEO, of SMOOR, said, “The Indian chocolate market is growing at a breakneck pace, and we are proud to state the SMOOR is further spreading its wings in tandem with the industry. Having created & leading the couverture chocolate category in India, and introducing Indian dessert lovers to lavish indulgences with premium chocolates, cakes, macarons, and more, we are now thrilled to take the next step. With Rebel Foods’ investment, we are set to make deeper inroads into the global market, introducing new and exciting confectionaries in multiple, accessible formats. We look forward to the growth that will unfold on the back of this development.”
Adding to this, Raghav Joshi, Co-founder, Rebel Foods opined, “We are excited about adding SMOOR to our catalogue of brands with its leadership in high-quality chocolates and desserts offerings. 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 – Rebel Operating System. Our focus will continue to be on bringing great quality brands to every neighbourhood across food missions.”
Rebel Foods Thrasio-style portfolio, termed Rebel Launcher, aims to add 40 to 50 food categories, prioritising missions like premium North Indian, South Indian, Indian Sweets, and Sandwiches, amongst others in the coming year. Rebel also plans in the mid-to-long run to take all its Rebel Launcher brands globally across India, Indonesia, United Arab Emirates (Dubai, Abu Dhabi, and Sharjah), the United Kingdom, Singapore, Malaysia, Thailand, Hong Kong, Philippines, and Bangladesh, with its 10-country footprint.