Goldman Sachs backs Rebel Foods' food assistance programme1 min read . Updated: 01 Dec 2020, 12:52 PM IST
- Goldman Sachs’ donation will double the number of total meals offered through the programme and will allow them to cover more people in need
NEW DELHI: Goldman Sachs, a global investment bank and investment firm, will provide financial backing to Rebel Foods in its ongoing initiative 'GiveSure by EatSure' that provides daily single-serve meals to people in need during the pandemic.
The meals will be distributed through various NGO partners and local governments in Bengaluru, Delhi and Mumbai.
Goldman Sachs’ donation through its philanthropic arm GS Give will double the number of total meals offered through the programme and will allow them to cover more people in need.
Rebel Foods is an Indian cloud kitchen restaurant company with over 320 kitchens spread across 35 cities through various online platforms such as Fasso's.
In addition to GiveSure by EatSure, Rebel Foods has been running an initial pilot “Food for Good" program which has served more than 200,000 meals since March.
Rebel Foods plans to make GiveSure by EatSure program self-sustainable and expand it to more Indian cities using its nationwide network of cloud kitchens. The company has also created a crowdfunding framework inviting individuals and organizations to join the cause.
Goldman Sachs is one of the investors in Rebel Foods. In September 2019, it co-led a $100 million investment round in Rebel Foods.
Other investors and Lightbox Ventures have also made donations for the food program.
Goldman Sachs has been involved in food assistance initiatives in several Asian countries partnering with local companies they have invested in.
In South Korea, they have funded a nationwide bread-baking campaign with the Red Cross and Sun-in, a leading food ingredients company in which Goldman Sachs is an investor, providing meals to thousands of underfed children from low-income families.
Covid-19 has hit the Indian economy and jobs market severely, rendering thousands of people jobless and homeless. According to reports, India’s economy contracted for the second successive quarter entering recession.
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