Mumbai, Sept. 7 -- Singapore's Temasek has emerged as the sole contender to acquire a $100 million stake in Gurugram-based Blue Tokai Coffee Roasters, three people familiar with the matter said.

The development comes two months after Mint first reported that the company had initiated preliminary discussions with private equity firms including TPG, Temasek and ChrysCapital to raise at least $100 million through a mix of primary and secondary transactions, through which some of the earlier investors will monetize their stakes.

Temasek has edged ahead of the other funds and is currently conducting due diligence for the transaction, the people cited above said on the condition of anonymity.

Temasek's potential investment in the cafe chain ...