Temasek will invest ₹2,500 crore (USD 266.98 million) in Godrej Capital, the group’s non-banking financial company, at a valuation of up to ₹28,000 crore. The Temasek Godrej Capital investment, announced on 12 November 2026, will be made through Jongsong Investments Pte Ltd and is subject to regulatory and other approvals. Godrej Industries is expected to remain the controlling shareholder with a stake of about 80% after the transaction.
Godrej Capital’s assets under management stood at ₹35,000 crore as of 31 October 2026, and the lender said it is present in more than 100 cities. The announcement adds to a run of large cheques into Indian NBFCs, including Bain Capital’s controlling investment in Manappuram Finance and TPG’s commitment to Arka Fincap.
What Temasek’s cheque means for Godrej Capital
The investment is a minority, primary infusion that leaves control with the Godrej group. Godrej Capital has grown as a diversified NBFC, and the group has set an ambition of building a ₹1 trillion AUM franchise by 2031. The raise comes as other platforms continue to pair balance-sheet growth with bank partnerships, a model also visible in bank–NBFC co-lending arrangements.
Licensing and ownership of non-bank lenders remain under close watch, including recent decisions such as the Reserve Bank’s NBFC licence for MobiKwik.
The USD 266.98 million subscription is a primary investment, and completion remains subject to customary regulatory approvals. The announcement presents Temasek as a long-term investor in Godrej Capital rather than as an incoming controlling shareholder, with Godrej Industries set to stay in control at about 80%.
What Pirojsha Godrej said
Pirojsha Godrej said: “We are delighted to welcome Temasek as a long-term investor in Godrej Capital. This investment is a testament to the exceptional business Manish and his team have built in a remarkably short period, and reflects confidence in the significant opportunity ahead.”
He also said: “Financial services represents a major long-term growth area of focus for our Group, and our ambition is to build Godrej Capital into a 1 trillion rupees AUM franchise by 2031.”
Key takeaways
- Temasek will invest ₹2,500 crore in Godrej Capital at a valuation of up to ₹28,000 crore, through Jongsong Investments Pte Ltd, subject to approvals.
- Godrej Industries is expected to keep about 80%, and the NBFC had AUM of ₹35,000 crore as of 31 October 2026, with a presence in more than 100 cities.
- The group has set a target of ₹1 trillion of assets under management by 2031.
More on the firms is available from Godrej Capital and Temasek.
Featured image: Pirojsha Godrej. Photo: GodrejGroup, Wikimedia Commons (CC BY-SA 4.0).
