New fund · Professional & Local Services

TR Capital commits $1B to India secondary market

By Startup Enthusiast · 9 April 2026

What they do

TR Capital is an Asia-focused private equity firm that provides liquidity solutions through secondary deals

It has committed $1 billion to India's secondary market over five years, averaging $200 million annually

Secondary transactions are gaining traction in India as startup exit timelines lengthen and public listings slow

TR Capital has committed $1 billion to India's secondary market over five years, averaging $200 million annually.
The firm opened a new office in Bengaluru, adding to its existing offices in Mumbai and Delhi NCR.
Umang Agarwal was appointed as managing director and India co-head at TR Capital.
Umang Agarwal previously worked as a principal at Eight Roads India, leading investments in enterprise software, fintech, and consumer sectors.
Kushal Agarwal and Sagar Sheth were appointed as senior hires at TR Capital.
TR Capital is evaluating several large transactions in India, including portfolio deals, expected to close in coming quarters.
In June 2025, TR Capital acquired stakes in MoEngage, Shadowfax, and Whatfix for about $50 million.

Secondary transactions are gaining traction in India as startup exit timelines lengthen and public listings slow.
Secondary exits moved from a marginal channel to a low double-digit share of total exit value in 2025.
TR Capital has operated in India for 17 years (since 2008).
Other firms with secondary-focused funds include White Whale Venture, PixelSky Capital, and Neo Group.

TR Capital is an Asia-focused private equity firm founded in 2007.
It has closed 5 funds with total capital commitments of $1.5 billion.
The firm has completed 50+ secondary investments across Asia.
TR Capital provides liquidity solutions through secondary deals (transactions where existing shareholders sell their stakes).
Its focus sectors in India include consumer, financial services, healthcare, software, and AI.
TR Capital's investor base includes sovereign wealth funds, pension funds, asset management firms, entrepreneurs, and family offices.
Portfolio companies include Flipkart, Lenskart, Fibe, MoEngage, Shadowfax, and Whatfix.

TR Capital is evaluating several large transactions in India, including portfolio deals, expected to close in coming quarters.