TR Capital Appoints Umang Agarwal As India MD, To Invest $1 Bn Over 5 Years

PE firm TR Capital is deepening its presence in India and has committed to invest $1 Bn in the country via secondaries over the next five years. As part of the India focus, it has appointed Umang Agarwal as its India MD, along with multiple senior leaders.

“India has been a core market for us over the last 17 years. We are pleased that we have built a strong presence in the secondary PE space, and are excited to see the opportunity to invest $1 Bn in secondaries over the next five years in India,” TR Capital managing partner Frederic Azemard said.

Agarwal, who previously served as principal at Eight Roads India and led investments in enterprise software, fintech and consumer segments, has also been appointed as India co-head by the Asia-focused secondaries investment firm.

“TR Capital will increase its role in contributing to India’s economy by working closely with founders, venture capitalists, PE funds and other stakeholders who are managing complex liquidity needs, through our solutions-oriented approach,” Agarwal said.

TR Capital also announced the appointment of Kushal Agarwal and Sagar Sheth as senior hires and opened a new office space in Bengaluru to ramp up its presence in India’s Silicon Valley, which is home to several late stage startups whose early investors are increasingly seeking liquidity options.

The Bengaluru office is a new addition to its India operations, where it already has offices in Mumbai and Delhi NCR.

“With the Indian PE market maturing, we continue to raise our game and the calibre of our investment team. The new office in Bengaluru will enable us to align our presence with growing opportunity and solidify our leadership position in the secondaries market in India,” Azemard said.

The PE firm, with a core focus on technology, next-gen consumer and healthcare sectors, provides liquidity solutions through secondary deals. Since entering the Indian market in 2008, it has invested in startups such as Flipkart, Lenskart, Fibe, MoEngage, Shadowfax and Whatfix, among others, some of which have since gone public or are in the process of listing.
Since its inception in 2007, TR capital has closed five funds, managed total capital commitments of $1.5 Bn and completed over 50 secondary investments across Asia. Its investor base includes sovereign wealth funds, pension funds, asset management firms, entrepreneurs and family offices.

The secondaries market is booming in India as it provides an exit opportunity for early investors. Late stage startups have turned cautious in recent quarters about rushing to listing before attaining maturity as public market investors focus on profitability and right valuations. This has resulted in secondary exits moving from being a marginal channel to accounting for a low double-digit share of total exit value in 2025.

Several VC firms like White Whale Venture, PixelSky Capital and Neo Group have launched secondary-focused funds to offer exits to VCs on the cap tables of startups.

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