Asian secondary specialist TR Capital has acquired stakes in three Indian portfolio companies of Eight Roads Ventures—MoEngage, Shadowfax and Whatfix—for over $50 million, according to an announcement on Monday.
MoEngage is a customer engagement platform used by the likes of 7-Eleven and Citibank to transform real-time customer signals into hyper-personalised, loyalty-driving experiences across digital channels.
Shadowfax is India’s fastest-growing tech-enabled last-mile logistics provider and one of the country’s only two profitable logistics firms. It operates across more than 2,500 cities and delivers over 2 million shipments daily.
Whatfix is a global player in digital adoption solutions, offering in-app guidance, training, and analytics to enhance enterprise software usage. With seven offices worldwide, Whatfix serves over 700 clients across 40 countries, including multiple Fortune 500 companies.
India has been a core market for TR Capital since 2008. “Drawing on the specialist insight of TR’s on-the-ground teams across India and the wider region, we can structure bespoke solutions and move from first look to closing in under 90 days. Partnering with Eight Roads India showcased that capability: together, we translated a multi-asset opportunity into a win-win transaction for all parties involved,” said Frederic Azemard, Managing Partner at TR Capital.
In a previous interview with DealStreetAsia, Paul Robine, founder and CEO of TR Capital, noted that India’s secondaries opportunity over the next five years lies primarily in portfolio deals. TR Capital allocates around 50% of its strategy to portfolio solutions, which offer quicker DPI and strong IRR. The remaining focus is on single-asset secondaries, where the firm targets higher multiples despite longer exit timelines.
While TR Capital has participated in some single-asset continuation vehicles (CVs), Robine believes these structures are better suited to buyout deals with control, rather than minority stakes. “In nine out of ten cases, GPs use single-asset CVs to create a liquidity event by selling a minority position—this rarely works out well for the buyer,” he said.
Since its inception in 2007, TR Capital has closed five flagship funds, manages total capital commitments of close to $1.5 billion, and completed 46 secondary investments, according to information on its website. It closed its fourth fund in early 2021 with $350 million in commitments.
TR Capital closed its fifth fund in mid-2024 with $400 million in commitments.
Eight Roads Ventures is a global investment firm backed by Fidelity that has partnered with over 300 technology and healthcare companies across India, China, Japan, Europe, and the US.
