TR Capital

TR Capital Group is a prominent player in secondary private equity investments within the Asia-Pacific region, having been established in 2007 with offices in Hong Kong, Shanghai, and Mumbai. The firm specializes in providing liquidity solutions through Secondary Direct and Fund Restructuring transactions, targeting significant minority positions in high-performing companies across sectors such as Consumer, Technology, Healthcare, and Financial Services. TR Capital focuses on making concentrated long-term investments by acquiring assets at a discount to their intrinsic value, with a particular interest in industries like manufacturing, e-commerce, mobile, and technology. The firm manages four funds with total capital commitments of USD 650 million and emphasizes active collaboration with portfolio companies to enhance their business models and capital structures.

Norbert Fernandes

Director

Paul Robine

Founding Partner and CEO

8 past transactions

Sapphire Foods

Secondary Market in 2021
Sapphire Foods India Pvt. Ltd. is the largest franchisee of Yum! Brands in the Indian subcontinent, operating over 400 restaurants under the KFC, Pizza Hut, and Taco Bell brands across India, Sri Lanka, and the Maldives. Established in 2009 and headquartered in Mumbai, the company focuses exclusively on the food and beverage sector. Sapphire Foods emphasizes collaboration, integrity, and continuous improvement within its business operations. The organization strives to create a positive work environment, believing that teamwork is essential for growth and success. Through a commitment to openness and innovation, Sapphire Foods aims to enhance its services and offerings continually.

UniLend Ltd.

Funding Round in 2020
UniLend Ltd. develops a permission-less decentralized protocol platform for block chain assets. The company’s platform combines spot trading services and money market with lending and borrowing services. It offers permission-less listing, lending and borrowing, trading, governance, liquidity, and native utility token services. The company was founded in 2020 and is based in India.

Bira 91

Series B in 2019
Bira 91 is a modern beer brand focused on delivering flavorful and diverse beer options to consumers. The company offers a strong portfolio that includes five distinct beers: Bira 91 White, a low bitterness wheat beer; Bira 91 Blonde, an extra hoppy craft lager; Bira 91 Light, a low-calorie lager; Bira 91 Strong, a high-intensity wheat beer; and Bira 91 “The IPA,” noted as the first IPA brewed and bottled in India. By providing a variety of craft beers, Bira 91 aims to cater to the evolving tastes of beer enthusiasts and contribute to a global trend that favors more colorful and flavorful drinking experiences.

Bira 91

Series A in 2016
Bira 91 is a modern beer brand focused on delivering flavorful and diverse beer options to consumers. The company offers a strong portfolio that includes five distinct beers: Bira 91 White, a low bitterness wheat beer; Bira 91 Blonde, an extra hoppy craft lager; Bira 91 Light, a low-calorie lager; Bira 91 Strong, a high-intensity wheat beer; and Bira 91 “The IPA,” noted as the first IPA brewed and bottled in India. By providing a variety of craft beers, Bira 91 aims to cater to the evolving tastes of beer enthusiasts and contribute to a global trend that favors more colorful and flavorful drinking experiences.

Urban Ladder

Series C in 2015
Urban Ladder, founded in July 2012 by Ashish Goel and Rajiv Srivatsa, is an online furniture retailer focused on providing curated home solutions for Urban Indian consumers. The company offers over 1,000 products across 25 categories, including wardrobes, sofas, beds, and dining tables, with designs developed by an in-house team of experienced designers. Urban Ladder emphasizes high-quality, handcrafted furniture that combines aesthetics with functionality. The company operates its own logistics team to ensure safe and reliable doorstep deliveries. Currently, Urban Ladder serves seven major cities in India—Bangalore, Mumbai, Delhi/NCR, Chennai, Pune, Hyderabad, and Ahmedabad—with plans to expand. The user-friendly website enhances the shopping experience, making it easier for customers to navigate its extensive collection. Urban Ladder has received backing from prominent venture capital firms, including Steadview Capital, SAIF Partners, and Kalaari Capital.

Lenskart

Series C in 2015
Lenskart Solutions Private Limited operates as a prominent online eyewear retailer in India, offering a wide range of products including prescription glasses, sunglasses, and contact lenses for men, women, and children. Established in 2008 and based in New Delhi, the company has expanded its presence through numerous retail stores across various cities in India. Lenskart is known for its user-friendly online platform, where customers can select from over 500 designs of eye frames and enjoy features like 48-hour free home delivery and a 365-day return policy. The company provides an extensive selection of contact lenses from leading brands, catering to diverse customer needs. Additionally, Lenskart offers home eye check-up services in several major cities, enhancing customer convenience and accessibility to eye care.

Lamahui

Series A in 2014
Lamahui.com is an e-commerce platform based in Hangzhou, China, specializing in the sale of maternity, baby, and toddler products at discounted prices. Founded in 2011, the company focuses on providing a wide range of children's accessories and related products, catering to the needs of parents and families. By offering quality items at competitive rates, Lamahui aims to serve the growing market for children's goods in China.

Bulova Technologies Group

Private Equity Round in 2004
Bulova Technologies Group is a Florida-based company that operates through its subsidiaries, including BT-Twiss Transport LLC and Bulova Technologies Machinery LLC. The company specializes in transportation services, primarily focusing on freight storage and movement across the continental United States. In addition to transportation, Bulova Technologies Group engages in the commercial sales of industrial machinery, ammunition, software, and healthcare products. The business is registered with the U.S. Department of State Directorate of Defense Trade Controls, ensuring compliance with regulatory standards. The majority of the company's revenue is generated from its transportation services segment, highlighting its core focus on logistics and freight management.
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