People · Professional & Local Services

TR Capital appoints Umang Agarwal as India MD

By Startup Enthusiast · 9 April 2026

What they do

TR Capital provides liquidity solutions through secondary deals in technology, consumer, and healthcare

It commits $1 Bn to Indian secondaries over five years and opens a Bengaluru office

Secondary exits in India are growing as late-stage startups delay IPOs for profitability

TR Capital appoints Umang Agarwal as India MD and India co-head.
The firm commits $1 Bn to Indian secondary investments over the next five years.
It also hires Kushal Agarwal and Sagar Sheth as senior hires.
TR Capital opens a new office in Bengaluru.
It already has offices in Mumbai and Delhi NCR.
The firm entered the Indian market in 2008.
TR Capital focuses on technology, next-gen consumer, and healthcare sectors.

Secondary exits in India accounted for a low double-digit share of total exit value in 2025.
Late-stage startups are cautious about listing before maturity due to public market focus on profitability and valuations.
VC firms like White Whale Venture, PixelSky Capital, and Neo Group have launched secondary-focused funds.

TR Capital provides liquidity solutions through secondary deals (existing shareholders sell their shares; no new money reaches the company).
It was founded in 2007 and has closed five funds with total capital commitments of $1.5 Bn.
It has completed over 50 secondary investments across Asia.
Its India portfolio includes Flipkart, Lenskart, Fibe, MoEngage, Shadowfax, and Whatfix.
Its investor base includes sovereign wealth funds, pension funds, asset management firms, entrepreneurs, and family offices.