Singaporean sovereign fund Temasek is in advanced talks for a potential investment of US$100-150 million in cloud kitchen pioneer Rebel Foods, reports India Times.
The investment deal will involve a mix of primary and secondary share sales, valuing Rebel Foods at a level similar to its previous funding round three years ago.
Founded in 2011 by Jaydeep Barman and Kallol Banerjee, the company has grown into one of the world’s largest cloud kitchen operators, managing a portfolio of virtual restaurants, including Faasos, Behrouz Biryani, Oven Story and Mandarin Oak.
As part of the upcoming investment round, US-based Coatue and India’s Lightbox are also expected to partially sell their stakes in the secondary share sale.
In a secondary share sale, the funds raised go to existing shareholders rather than the company itself.
Lightbox currently owns 9.7 per cent of Rebel Foods, while Coatue holds 18.6 per cent. Other investors in the company include Peak XV Partners and Goldman Sachs.
In addition to the investment in Rebel Foods, Temasek announced plans to invest $10 billion in India over the next three years as part of a broader shift in focus amid economic challenges in China.
