In a statement yesterday, Temasek Capital said the program, which was launched in May, is aimed at helping early stage technology companies to accelerate their growth and penetrate global markets.
Its focus will be on areas like wireless communications, telecommunications, artificial intelligence and applications service providers, Temasek Capital said in the statement.
When contacted today, Temasek Holdings spokesperson Rachel Lin declined to reveal how much it had invested in the 8,600 sq ft incubation center at Chennai.
However, she said that the center--which complements two other incubation centers in Singapore and Shenzhen, China--"will help Indian companies to expand into the rest of Asia and also for its other investee companies in Singapore to expand to India."
Lin also declined to comment how much the company had invested in its inCube programs (in India, Singapore and China) so far, but noted that Temasek Capital was willing to invest in "good deals...as long as an opportunity arises".
"Investments will be from US$50,000 (US$27,313) upwards depending on the needs of the companies," she said.
Without giving specifics, Lin revealed that Temasek Capital was "still in the process of reviewing deals" in India.
The inCube program in Singapore, meanwhile, has invested S$7 million (US$3.8 million) in India-based software company eGurkha and S$2 million (US$1.1 million) in China-based software company Bijitec to date, she added.
When asked why Temasek was investing in companies during the economic downturn, Lin said the company saw lots of opportunities in Asia. She did not elaborate.
On its exit strategy, Lin said: "We are long term investors...we want to maximize the potential of the companies we invest in and we'll exit at the appropriate time through capital appreciation."