Eight Roads Sells Stakes In Startups In $50 Mn Secondary Deal

SUMMARY

Eight Roads has sold its stakes in customer engagement platform MoEngage, logistics services startup Shadowfax and enterprise tech startup Whatfix

Eight Roads made its initial investment in Shadowfax in 2015, Whatfix in 2019 and Moengage in 2020

TR Capital will continue to expand its footprint and collaborate with top-tier partners such as Eight Roads to deliver value from complexity

Venture capital firm Eight Roads Ventures has reportedly sold its stakes in three startups to private equity firm TR Capital in a $50 Mn (around INR 428 Cr) secondary deal.

A Mint report said that Eight Roads has sold its stakes in customer engagement platform MoEngage, logistics services startup Shadowfax and enterprise tech startup Whatfix.

Inc42 has reached out to MoEngage, Shadowfax, Whatfix and Eight Roads for comments on the development. The story will be updated based on their responses.

Eight Roads made its initial investment in Shadowfax in 2015, Whatfix in 2019 and Moengage in 2020.

Following which, the investor firm partially exited from Shadowfax during its Series E funding round in February 2024.

“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,” the report said, citing Frederic Azemard, managing partner at TR Capital.

Eight Roads Ventures is a venture capital firm founded in 1969, and is based out of Mumbai in India. The investment firm, backed by Fidelity, invests in ambitious technology and healthcare founders from across the globe.

The VC firm announced its first dedicated healthtech and life sciences fund worth $250 Mn, in May 2022, claiming that the fund was among the largest for the sector in India back then.

Eight Roads funds managed in India stood at $1.6 Bn, along with the last fund allocation in 2022. Based on the firm’s website, it has backed over 70 companies in India, where it counts Blissclub, Chai Point, Engrail Therapeutics, Exponent Energy, Northern Arc and PharmEasy, among others as portfolio brands.

On the other hand, Shadowfax has filed its draft red herring prospectus (DRHP) with the SEBI for an initial public offering (IPO) through the confidential pre-filing route, earlier today, targeting a listing worth INR 2,000–2,500 Cr, with around 50% expected to be raised via a fresh issue.

Meanwhile, MoEngage and Whatfix are also set in the path of market debut in the upcoming years, where MoEngage has been in the process of shifting its domicile to India, in April this year.