Hillhouse to buy 5% of Quest Global at $4.5bn valuation.
Deal likely beats Temasek after faster progress in negotiations.
Investment combines primary infusion and secondary share sales.
Hillhouse’s largest India tech bet, backing firms like Swiggy and Cred.
Asia-focused private equity firm Hillhouse Investment Management is set to acquire around 5% of Quest Global, the Carlyle Group-backed engineering services outsourcing firm, at an estimated valuation of about $4.5 billion, the Economic Times reported.
The Hillhouse offer is expected to edge out that of Singapore’s sovereign wealth fund Temasek, the report said. Although the bid sizes are broadly similar, Hillhouse has moved more aggressively and progressed faster in discussions, it added.
3 February 2026
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The investment, part of the Singapore-headquartered firm’s pre-IPO fundraising, will involve a mix of primary capital infusion and secondary share sales by angel investors and high-net-worth individuals.
If completed, the transaction would represent Hillhouse’s largest investment in India’s technology sector to date. The firm has invested around $1 billion in India since 2010, backing companies such as Swiggy, CarDekho, Cred and ShareChat.
Quest Global is a provider of end-to-end engineering solutions across multiple industries globally. It was established in 1997 by former GE engineers Ajit Prabhu and Aravind Melligeri.
US private equity firm Carlyle Group holds a 24% stake in Quest Global, while cofounder Ajit Prabhu owns 42%. Other shareholders include ChrysCapital, True North, Onyx, Ocorian Singapore, JTC Trust and Sanaka Growth, along with angel investors and high-net-worth individuals.
Currently, Quest Global has 93 global delivery centres in 18 countries. In Asia, they are present in China, India, Japan, the Middle East, Korea, Malaysia, Singapore and Vietnam. It also has a strong presence in Europe and North America.
Temasek was also planning a stake purchase of about 5% in Quest Global in a pre-initial public offering round. Quest Global was last valued at $1.8bn when Carlyle Group Inc. acquired a stake in 2023, according to Bloomberg.
