New Delhi, June 30 -- Asia-focused secondaries private equity firm TR Capital, which manages over $1.5 billion across India, China and Southeast Asia, has acquired a stake in three growth-stage companies in India for about $50 million (Rs 427.6 crore).
The Hong Kong-based PE firm has provided a partial exit to venture capital firm Eight Roads Ventures, buying its stake in MoEngage, Shadowfax, and Whatfix in a secondary deal, it said on Monday.
Secondaries PE firms buy shares of other investors in companies and do not participate in primary fundraising exercises. TR Capital's portfolio in the country already includes eyewear retailer Lenskart, quick delivery company BigBasket, non-banking lender Arohan, consumer lending startup Fibe, and Biryani maker Paradise.
"TR Capital will continue expanding its footprint and collaborating with top-tier partners such as Eight Roads to deliver value from complexity," said Frederic Azemard, managing partner at TR Capital.
The PE firm provides liquidity solutions to private investors through single asset and portfolio transactions. It is focused on backing companies in technology, next-generation, consumer and healthcare sectors.
TR Capital raised $401 million for its fifth Asia secondaries fund in July 2024, with overall deployment, including co-investments, expected to cross $600 million. Previously, in February 2021, it raised $350 million for its fourth secondaries fund.
The PE firm has over the years gradually increased its presence in the country. In January 2023, it led a consortium to buy stakes in medical devices firm Sahajanand Medical Technologies Ltd, staffing firm First Meridian Business Services Pvt. Ltd and biryani restaurant Paradise Food Court Pvt. Ltd from Samar Capital in a $150 million secondaries deal, one of the largest secondary transactions completed in India.
In October 2023, it opened its second office in India in Delhi, its sixth in the Asia Pacific region, to leverage on-ground presence in what it said was a 'bright spot in a challenging market'.
Published by HT Digital Content Services with permission from VC Circle.