The partnership aims to make investments amounting to $500 million in the next two years as secondary private market transactions in India gain momentum. According to Oister Global, in the last four to five years, $7.7 billion has been transacted through secondary deals – a number that rivals total amounts raised via IPO exits during the same period.
“This strategic partnership leverages Tribe Capital India’s quant diligence with Oister’s Indian private market expertise. With 18 years of deep-rooted experience in the Indian PE/VC ecosystem, Oister has developed a keen ability to navigate the complexities of the Indian private market. Oister’s expertise in thorough due diligence has been honed through years of working closely with leading VC/PE firms across the industry,” the two firms said in a joint statement.
Tribe Capital India – an asset management company – was set up earlier this year and is co-owned by Tribe Capital’s cofounder Arjun Sethi, Shiprocket cofounder Vishesh Khurana and Raj Snehil Juneja, who has been investing in Indian startups.
“India presents an incredible opportunity for secondary transactions. As investors seek liquidity and companies gear up for larger exits, I’m excited to help identify and empower the next generation of successful startups. Our partnership with Oister creates tremendous synergies to capitalise on India’s potential,” Sethi said.
Oister Global has earlier backed firms such as Blume Ventures and Stride Ventures.
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A secondary deal is between existing and incoming investors, and the cash doesn’t go into the company.ET has been reporting about the growing trend of secondary stake sales across late-stage startups such as Lenskart, Meesho, Purplle, Ather Energy, Healthkart and Shadowfax. In April this year, ET reported that Piyush Gupta, a managing director at Peak XV Partners, was exiting the venture capital firm to launch his own fund that will focus on secondary transactions.
On July 5, ET reported that secondary stake sales and buyouts dominated large deals of $50-500 million in the startup space during the first six months of 2024 when total funding fell, but late-stage activities picked up pace.
“Secondaries will be the tipping point for qualified investors to enter private markets, just as IPOs have revolutionised access to public markets,” said Sandeep Sinha, co-chief executive officer of Oister Global.
