In 2020, the club was acquired by the Indian Conglomerate Aditya Group naming it ASOS RAINBOW AC.

The team has their rivalry with East Bengal Club, Mohun Bagan, Mohammedan Sporting or Peerless SC.

[10] In June 2023, IFA announced that they have merged both Premier Division A and B of the Calcutta Football League ahead of its 125th edition, in which Rainbow was placed in the group B.

[11][12][13] Rainbow club plays most of their home matches at Amal Dutta Stadium, which is located in Dumdum, near Kolkata, North 24 Parganas.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.