Thiruvananthapuram: UST Global has become the first ‘unicorn’ company from Kerala with a massive investment from Singapore’s official private equity investor. Temasek Holdings invested Rs 1,700 crore in the technology company that has been present in the state since the late 1990s.
A ‘unicorn’ company is an unlisted company with at least $1 billion valuation. There were 279 ‘unicorns’ in the world, as of March.
Temasek Holdings will hold a minority interest in UST Global and will have representatives in the company’s director board. The investment will allow the company to go for more acquisitions, said chairman Paras Chandaria, chief executive officer Sajan Pillai, chief financial officer Krishna Sudheendra, chief operating officer Arun Narayanan, CAO Alexander Varghese and chief people officer Manu Gopinath.
The top management expects the company to focus on artificial intelligence and block chain. The company plans to focus its cyber security business in its Israel office and the financial technology business in Spain.
UST Global has regional offices in California, Singapore, London and Thiruvananthapuram. It has offices in 35 countries. The company provides support services to more than 50 top-notch companies in the healthcare, retail, banking and telecom sectors.
Temasek is the largest private equity firm in the world after Softbank. The firm, which started in Singapore in 1974, holds investment worth Rs 1.84 lakh crore across the world. Avendus Capital and DBS Bank advised the firm in its latest deal.
Temasek has invested in Snapdeal, Cartrade, SBI Life and Billdesk since it forayed into India in 2004.
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