Temasek is in the final stages of discussions to lead a $100-150 million investment in Rebel Foods, the parent of Faasos and Behrouz Biryani, among other cloud kitchen brands.

The transaction would be a combination of primary infusion and secondary share sale, and it would probably see Rebel Foods get valued at what it was nearly three years ago.

The secondary sale is likely to be around $700 million when existing investors sell shares to Temasek. In October 2021, Rebel Foods was valued at $1.4 billion after a funding round of $175 million.

The funding round was led by the Qatar Investment Authority (QIA), with US-based Coatue and Indian fund Lightbox expected to partially sell their stakes in the upcoming secondary sale. Temasek is joining as a new investor.

Lightbox owns 9.7%, and Coatue holds 18.6% of Rebel Foods. Other investors include Peak XV Partners and Goldman Sachs.

In a secondary share sale, funds do not go directly to the company, unlike in primary funding.

Rebel Foods’ founders Jaydeep Barman, Temasek, and Lightbox declined to comment. Coatue did not respond to emails.

Temasek plans to invest $10 billion in India over the next three years, following a $3 billion investment last year. It is a major investor in Manipal Hospitals and has stakes in companies like Ola Electric, Zomato, Upgrad, and Cultfit.

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