Temasek doubles investments, ups diligence as valuations reset
Mumbai: Temasek Holdings Pvt. Ltd has doubled its pace of investments in India, amid the valuation reset in the tech ecosystem, and will increase its focus on due diligence and scrutiny for potential investment opportunities, senior executives Ravi Lambah and Mohit Bhandari said in an interview. Over the past 15 months, the Singapore state investor committed nearly $4 billion in capital, including its stake in Manipal Healthcare Enterprises.
It expects to deploy $9-10 billion within the next three years, the executives said. In FY23 alone, Temasek has invested around $2 billion in India. “It (pace of investment) was $1 billion a year for many years.
We have doubled that in FY23. And we will try to do it every year, if we can find the right opportunities," Lambah, head, investment group and head, India, Temasek, said. India has everything going right amid the global liquidity crunch, he added.
“Obviously, the world is in a difficult place. High interest rates, high inflation in the US and in Europe. We don’t have that problem.
Rates are not that high. Inflation is not high, too. We were the fastest growing economy globally last year, and this year as well." In FY23, Temasek invested in several ventures, including subscription-based food business Country Delight, nutrition and wellness supplements maker Healthkart, credit card platform OneCard and smart appliances maker Atomberg.
Temasek also raised its stake in e-commerce services provider Shiprocket, as well as insurance companies HDFC Life and ICICI Prudential Life. Temasek’s pace of follow-on investments for portfolio firms also increased, as it doubles down on winners, Bhandari, managing director, investment, Temasek in India, said. “Manipal is a follow-on
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