Temasek Holdings exposure to India rose to a record $16 billion last year despite a sharp market correction as Singapore’s state investors boosted investments in technology firms and listed companies, according to senior executives.

Temasek Investments (India) MD Vishesh Shrivastav said in an interview on Thursday that the firm’s total investment portfolio in India has nearly doubled in the past five years.

Its India exposure grew from $9 billion in FY20 to $14 billion in FY21. That figure was $11 billion in fiscal 2019, $10 billion in fiscal 2018, and $9 billion in fiscal 2017.

Earlier this week, Temasek reported that its global portfolio net worth reached a record S$403 billion ($297 billion) in FY22, up S$22 billion from last year. The gains came despite global tech stocks’ down turning over the past six months.

Last year, four of Temasek’s portfolio companies in India – Zomato, Policybazaar, CarTrade and Devyani International – went public. Since then, each company’s share price has seen a sharp correction.

On Thursday, Zomato was trading at Rs 55.6 per share, while CarTrade was trading at Rs 643 per share, more than 56% below their all-time highs. Policybazaar is trading nearly 58% below its all-time high of Rs 548.8 per share.

The company’s operations in India include direct investments in private and public companies, as well as investments through the Indian branches of other global companies such as DBS Bank and Sembcorp.

Temasek’s positive stance on India comes as it has grown cautious globally over fears of a US recession. However, Mohit Bhandari, MD of Temasek Investments (India), said India is expected to be more resilient as the economy focuses more on domestic consumption, although there may be some spillover effects to externally facing industries.

Typically, Temasek invests about $1 billion a year in India, although its investment last year was “much higher,” Bhandari said.

The company also sees more opportunities to consolidate its portfolio companies.

In the past quarter, Temasek has backed three or four acquisitions of its portfolio companies. As the eyewear unicorn acquires Japan’s Owndays for $400 million, it joins the consortium of investors that provided financing for Lenskart. Temasek also funded Shiprocket’s $200 million acquisition of Pickrr and participated in upGrad’s ongoing equity financing, valuing the business at $2.2 billion, Shrivastav said.

Companies also aspire to be positive unit economics, in which case “consolidation helps,” Bhandari said.
Executives specifically pointed to revisions to the valuations of money-losing tech companies, even though they have fallen across the board.