POTENTIAL TARGETS

We have followed Top-Down Approach to base our decision and aligned our approach as follows:

 Analysed the Foodservice Industry in India & the key trends & future outlook
 Understand the current performance of Acquiring company & its corporate strategies
 Evaluated the different criteria for the M&A process based on business future outlook
 Detailed analysis of potential target firms such as Financial performance, synergies, market
reach
 Comparative Analysis of the shortlisted target companies to arrive at the best option

Based on our study, we have shortlisted two option as Potential Target Companies for Jubilant
Foodworks:

Rebel Foods Pvt. Ltd

Rebel Foods Pvt Ltd (formerly Faasos) is an Indian Cloud Kitchen company founded in 2011. It
formerly started as a physical restaurant chain with the facility of ordering online, but eventually
turned into a cloud-kitchen in 2016. It operates 11 brands under it, including Faasos, Mandrain Oak
& Overstory. Their geographic presence expands to India, Indonesia, United Arab Emirates, United
Kingdom, Singapore, Malaysia and Bangladesh.

Poncho Hospitality Pvt Ltd

Poncho Hospitality Pvt Ltd, also popular as Box8, is an unlisted private company incorporated in June
2012. Their focus is on Desi Meals with online delivery in a convenient and easy to carry box. The
brands under them expands to Mojo Pizza, Box8 etc. Currently, they are operating only in India and
focusing to expand their reach in other cities within India.
COMPARTITIVE ANALYSIS
A detailed relative analysis based on the performance of the two companies, Rebel Foods Pvt Ltd
and Poncho Hospitality Pvt Ltd has been discussed as follows:

One of the persons said Jubilant plans to open 50-60 such restaurants in the
coming years. He said the NSE-listed company has also plans to home deliver
its biryanis through Jubilant-owned cloud kitchen for biryani to compete with
Behrouz and Biryan by Kilo, among others. In addition to Biryanis of India,
Jubilant operates a Chinese cuisine chain called Hong’s Kitchen. (end
competition)

cloud kitchens segment that leverages on a lower opex and low

capex model.

Impresario Handmade Restaurants, known for brands such as Social

and Smokehouse Deli, has begun offering a curated at-home party
experience package in Mumbai.
The Social Party Starter package offers consumers access to the
restaurant brands’ menu offerings, including its cocktail mixers for
a get-together at home, while following safety and hygiene
protocols. The package includes the services of a mixologist, who
will whip up the cocktails for the party and a curated music playlist.
Increase in discounting from food aggregator- Less reliance on food aggregator