Happy Monday! Rebel Foods is in talks to raise $100-150 million from Singapore’s Temasek. Details of this and more in today’s ETtech Morning Dispatch. Also in the letter: ■ Tata Digital’s new Esop plan ■ Uber’s premium play ■ Fresher pay at IT firms in spotlight Temasek in talks for up to $150-million bite of Rebel Foods Rebel Foods founders Kallol Banerjee (left) and Jaydeep Barman Temasek, Singapore's sovereign wealth fund, is in advanced talks to lead a $100-150 million investment in Rebel Foods, the parent company of brands such as Faasos and Behrouz Biryani, sources told us.
Deal details: The proposed deal will be a mix of primary and secondary share sales. Existing shareholders US-based Coatue and homegrown fund Lightbox are expected to part-sell stakes in the secondary sale – wherein money doesn’t go to company coffers, unlike in primary funding. “Coatue and Lightbox are finalising the quantum of secondaries, and other investors may also join in that.
Temasek is joining as a new investor,” one person cited above said. Valuation maths: Sources said the fundraise is likely to be at a nearly flat valuation compared to its last round of fundraising in October 2021, when it was deemed to be worth $1.4 billion.
Meanwhile, the secondary share sale is likely to take place at a lower valuation of around $700 million. Zoom in: The Mumbai-based company recently announced plans to go public in the next one to two years. Oven Story Pizza, Mandarin Oak, Firangi.