Singapore’s state investor Temasek is looking to increase its investments in Indian family-run businesses, according to Vishesh Shrivastav, managing director of Temasek’s India investment team. This comes after Temasek invested $1 billion in Haldiram’s, a popular domestic snacks company, in March. The investment gave Temasek a 10% stake in the company at a valuation of around $10 billion. Family businesses in India have become attractive to global investors due to their strong domestic brands, loyal customers, and multigenerational legacies.
Temasek has a history of investing in Indian family-run businesses, including Manipal Hospitals and Dr Agarwal’s Health Care. In April 2023, Temasek spent $2 billion to raise its stake in Manipal Hospitals to 59% from 18%, and later sold a minority stake to other investors while retaining majority control. When asked about a possible public offering for Manipal Hospitals, Shrivastav described the company as “eminently listable” but did not elaborate.
India has been Temasek’s best-performing market over the last decade, driven by the country’s rapid economic growth and strong IPO market. In 2025, India became the second-largest IPO market, and Temasek remains optimistic about the country’s prospects. The company aims to invest up to $10 billion in India over a three-year horizon, and has already invested over $3 billion in the country over the past year.
Temasek’s interest in Indian family-run businesses is driven by their potential for long-term value creation. The company is keen to partner with more family-owned businesses to drive growth and expansion. While Temasek did not name any specific potential targets, its investment in Haldiram’s and Manipal Hospitals demonstrates its commitment to the Indian market. With its positive outlook for India and its goal of investing up to $10 billion in the country, Temasek is likely to continue to be a major player in India’s business landscape.