Temasek's $10 billion investment strategy in unique India
Temasek
is actively pursuing investment opportunities in India, with its portfolio value reaching $50 billion, including Singtel's stake in
Airtel
. The firm has already deployed over $6 billion of the $10 billion earmarked for
India
by 2026–27 and remains confident in meeting its investment target due to India's robust domestic consumption and relative resilience to global geopolitical shifts. Temasek's India investments span across various sectors, including traditional and new-age companies, with a focus on digitisation, consumption, increasing lifespan, and sustainable living.
Temasek sees India as a market with strong growth prospects due to its domestic economy. Vishesh Shrivastav, MD of Temasek's India investment team, told ToI that India is "fairly shielded against global geopolitical shifts and macro uncertainties on the back of robust domestic consumption, raising the firm's growth prospects in the country."
The firm's investment strategy in India aligns with its global approach. Temasek is focusing on digitisation, consumption, increasing lifespan (
healthcare
), and sustainable living (spaces like EV).
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Shrivastav said that they don't see a reason to change guidance.
"Geopolitics is one of the biggest risks to investments today, and our focus is to build a portfolio that is resilient — something that is less impacted by shocks and where the range of outcomes is quite narrow. India is somewhat unique in the sense that it's an economy with few dependencies on the external world. It's mostly a domestic economy, and our portfolio reflects that," he added.
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India currently accounts for approximately 8% of Temasek's portfolio. This is almost double its share from five years ago.
Temasek's India investments include
Axis Bank
, Haldiram's, Manipal Health Enterprises,
Eternal
(formerly
Zomato
), and Lenskart. Earlier this year, Temasek acquired a minority 9–10% stake in Haldiram Snacks Food. The deal valued the family-owned company at $10 billion.
Temasek is interested in partnering with more family-owned businesses. The goal is to drive long-term value creation.
Shrivastav noted that a market with young, aspirational consumers, policy continuity, and "good macros" places India on a better footing. This makes Temasek confident about its prospects.
Temasek primarily makes direct investments in India. The firm's capital allows it to invest across the life cycle of a company and make risky startup bets.
"Our capital is not constrained by time frame... the best companies we were in keep compounding over many years, and we have no reason to exit them just because the fund life is over. We invested in Zomato when it was a very small company, and it was one of our best performers," Shrivastav said.
Temasek will continue investing in startups. This gives them an "ability to see what's coming in the future."
Shrivastav said that 3–4 startups (apart from Lenskart) in its portfolio are IPO ready. He did not disclose the names of these startups.
Temasek has earmarked investments of about $10 billion for India over three years (by an estimated 2026–27). The firm has deployed over $6 billion from that pool. Temasek is "on track" to meet that target, according to Shrivastav.
(With ToI inputs)
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