Singapore-based sovereign wealth fund Temasek intends to invest $10 billion in India over the next three years in the financial and healthcare industries as confirmed by the investment firm’s managing director Mohit Bhandari in conversation with Reuters. He further added that Temasek plans to expand its portfolio exposure in India by a “bullish” approach in the long term.
The wealth fund’s annual investor report for FY24 indicated that India formed 7% of its overall portfolio exposure, as compared to 6% in the last financial year. The Singapore-based wealth fund’s net portfolio grew by 1.8% to $288 billion YoY in FY24 with India being ranking in the list of top investment regions.
In FY24, the sovereign wealth fund invested a record $3 billion in India and now plans to expand its India headcount which currently stands at 20. In the reports, Bhandari stated that the returns from India and the US compensated for the underperformance in the capital market of China. “We are cognizant of the current economic and the geopolitical tensions that exist (in China) and to that extent, we will align our portfolio accordingly,” he added.
Alpin Mehta, head of real estate and deputy head of private equity fund investments had also said that India brings new opportunities for Temsaek in these sectors.
Temasek’s average investment in India for the last 20 years has been in the range of $1-$1.5 billion with some of its major investments coming in the Indian startup ecosystem such as Zomato, Ola Electric, upGrad, Atomberg, and Curefit. Additionally, earlier this year, the wealth fund made an exit from insur-tech firm PolicyBazaar’s parent company PB Fintech after selling its 5.42% stakes worth Rs 2,425 crore.
