TR Capital Acquires Stakes in MoEngage, Shadowfax, and Whatfix for Over USD 50 Mn The transaction was completed with global investment firm Eight Roads Ventures, which is backed by Fidelity.
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TR Capital, a leading secondary private equity firm focused on Asia, has announced the acquisition of stakes in three high-growth companies: MoEngage, Shadowfax, and Whatfix, for over USD 50 million. The transaction was completed with global investment firm Eight Roads Ventures, which is backed by Fidelity.
The three companies represent strong market positions in their respective industries:
- MoEngage is a customer engagement platform trusted by more than 1,200 global brands, including 7-Eleven and Citibank. It helps businesses create hyper-personalised experiences across digital platforms.
- Shadowfax is a technology-driven last-mile logistics firm and one of the few profitable players in India's logistics space. It operates in 2,500+ cities, delivers over two million shipments daily, and serves a network of 3.5 million users.
- Whatfix is a digital adoption platform that provides in-app training, guidance, and analytics. With over 700 clients in 40 countries, including Fortune 500 companies, Whatfix has become a key enabler in enterprise digital transformation.
TR Capital is known for providing liquidity to private equity asset owners across Asia. Since its founding in 2008, it has managed close to USD 1.5 billion in capital commitments. The firm is an active investor in technology, healthcare, and next-generation consumer sectors across the Asia-Pacific region, with India as a long-term focus market.
Frederic Azemard, Managing Partner at TR Capital, said, "At TR Capital we take pride in turning the most intricate portfolios into signed deals in record time. Partnering with Eight Roads India showcased that capability: together, we translated a multi-asset opportunity into a win-win transaction for all parties involved. As an acknowledged pioneer of Asia's secondary market, TR Capital will continue expanding its footprint and collaborating with top-tier partners such as Eight Roads to deliver value from complexity."
