Creating liquidity.
Strengthening continuity.
We provide secondary capital to India’s mid-market private companies, helping founders realign ownership, while delivering long-term value to our investors.
ABOUT US
Dedicated secondary fund focused on India’s mid-market - the segment of profitable private companies that form the backbone of India’s economic growth.
India’s private markets have evolved rapidly over the past decade. The early venture cycle created hundreds of scaled businesses, but liquidity hasn’t kept pace. Many of these companies are now sustainable, profitable, and positioned for exits within three to five years, yet tens of billions of dollars of equity remain trapped on their cap tables.
That’s the opportunity Unlock Capital was built to serve.
India’s private markets have evolved rapidly over the past decade. The early venture cycle created hundreds of scaled businesses, but liquidity hasn’t kept pace. Many of these companies are now sustainable, profitable, and positioned for exits within three to five years, yet tens of billions of dollars of equity remain trapped on their cap tables.
That’s the opportunity Unlock Capital was built to serve.
INVESTMENT FOCUS
We focus on sectors where we have deep operating and investing experience: Consumer, financial platforms, and services.
Our focus is on mid-sized private companies - businesses that have achieved scale, visibility, and governance maturity, but are still below the radar of large buyout funds. We partner with founders and existing investors of such businesses, to create structured secondary solutions that provide liquidity to early shareholders - employees, angels, and venture funds. We do so without disrupting ownership or control. By simplifying cap tables and aligning incentives, we help businesses transition cleanly from private growth to public or strategic outcomes.
Our focus is on mid-sized private companies - businesses that have achieved scale, visibility, and governance maturity, but are still below the radar of large buyout funds. We partner with founders and existing investors of such businesses, to create structured secondary solutions that provide liquidity to early shareholders - employees, angels, and venture funds. We do so without disrupting ownership or control. By simplifying cap tables and aligning incentives, we help businesses transition cleanly from private growth to public or strategic outcomes.
Investment Strategy
Minority secondary investments in India’s mid-market companies where liquidity constraints limit shareholders.
Focused on the mid-market
We target businesses large enough to demonstrate profitability and resilience, yet small enough to remain under-served by traditional private equity.
Alignment over control
We back founders, not replace them. Our transactions preserve ownership and control while simplifying cap tables and unlocking liquidity for early investors, employees, and smaller shareholders.
Execution through expertise
Our team has built, scaled, and exited companies across India’s private markets - taken them public, sold them to strategics, and managed billions in capital. This perspective allows us to underwrite secondary investments not just as financial transactions, but as catalysts for growth and institutional readiness.
Repeatability through discipline
We focus on sectors we know deeply - consumer, financial platforms, and services - and apply a consistent, process-driven approach to evaluating opportunities and managing risk.
We target businesses large enough to demonstrate profitability and resilience, yet small enough to remain under-served by traditional private equity.
Focused on the mid-market
Our team has built, scaled, and exited companies across India’s private markets - taken them public, sold them to strategics, and managed billions in capital. This perspective allows us to underwrite secondary investments not just as financial transactions, but as catalysts for growth and institutional readiness.
Execution through expertise
We back founders, not replace them. Our transactions preserve ownership and control while simplifying cap tables and unlocking liquidity for early investors, employees, and smaller shareholders.
Alignment over control
We focus on sectors we know deeply - consumer, financial platforms, and services - and apply a consistent, process-driven approach to evaluating opportunities and managing risk.
Repeatability through
discipline
We believe enduring value in India will be created not by chasing momentum, but by partnering with founders who have already built resilient, cash-generating businesses.
Our approach combines disciplined investment judgment with deep operating experience, enabling us to structure transactions that provide liquidity for existing shareholders while strengthening governance and alignment for the next phase of growth.
We believe enduring value in India will be created not by chasing momentum, but by partnering with founders who have already built resilient, cash-generating businesses.
Our approach combines disciplined investment judgment with deep operating experience, enabling us to structure transactions that provide liquidity for existing shareholders while strengthening governance and alignment for the next phase of growth.
We believe enduring value in India will be created not by chasing momentum, but by partnering with founders who have already built resilient, cash-generating businesses.
Our approach combines disciplined investment judgment with deep operating experience, enabling us to structure transactions that provide liquidity for existing shareholders while strengthening governance and alignment for the next phase of growth.
The opportunity
Unlocking liquidity
through secondary
investments.
India’s startup and private equity ecosystem has matured rapidly – but liquidity hasn’t kept pace. While significant capital has been deployed over the last decade, early investors, founders, and employees often remain locked in for years, awaiting traditional exits like IPOs or M&A. This growing mismatch between capital deployed and capital returned has made secondary investments not just relevant, but essential.
India’s startup and private equity ecosystem has matured rapidly – but liquidity hasn’t kept pace. While significant capital has been deployed over the last decade, early investors, founders, and employees often remain locked in for years, awaiting traditional exits like IPOs or M&A. This growing mismatch between capital deployed and capital returned has made secondary investments not just relevant, but essential.
A critical pillar of the private capital ecosystem
Secondary transactions allow early stakeholders to realize gains, recycle capital, and reallocate risk. For the broader ecosystem, this improves Distributed-to-Paid-In (DPI) ratios, attracts long-term capital, and fosters healthier market dynamics. Yet, in India, the secondaries market remains underpenetrated - constrained by fragmented ownership, limited liquidity avenues, and a lack of institutional frameworks. Unlock Capital exists to bridge this gap.
Our approach: Purpose-built for India’s complexities
At Unlock Capital, we focus on direct secondaries - acquiring minority positions in high-quality, profitable, mid-market businesses through consolidated transactions. We specialize in solving for complexity: cap tables with multiple early stakeholders that are close to but not yet ready for a public exit. We do not buy portfolios, and work on each deal alongside founders to ensure a stronger relationship.
A maturing market, a growing imperative
India’s secondary market is scaling rapidly, with transaction volumes and investor participation increasing year over year. As more institutional investors seek liquidity and founders look to rebalance their cap tables, secondaries have emerged as a credible, mainstream path to achieving both. Direct secondaries remain the dominant and most agile solution, enabling timely liquidity while preserving alignment and momentum toward long-term outcomes like IPOs.
A critical pillar of the private capital ecosystem
Secondary transactions allow early stakeholders to realize gains, recycle capital, and reallocate risk. For the broader ecosystem, this improves Distributed-to-Paid-In (DPI) ratios, attracts long-term capital, and fosters healthier market dynamics. Yet, in India, the secondary investments market remains underpenetrated – constrained by fragmented ownership, limited liquidity avenues, and a lack of institutional frameworks. Unlock Capital exists to bridge this gap.
Our approach: Purpose-built for India’s complexities
At Unlock Capital, we focus on direct secondary investments – acquiring minority positions in high-quality, profitable, mid-market businesses through consolidated transactions. We specialize in solving for complexity: cap tables with multiple early stakeholders that are close to but not yet ready for a public exit. We do not buy portfolios, and work on each deal alongside founders to ensure a stronger relationship.
A maturing market, a growing imperative
India’s secondary market is scaling rapidly, with transaction volumes and investor participation increasing year over year. As more institutional investors seek liquidity and founders look to rebalance their cap tables, secondary investments have emerged as a credible, mainstream path to achieving both. Direct secondary investments – like those we specialize in – remain the dominant and most agile solution, enabling timely liquidity while preserving alignment and momentum toward long-term outcomes like IPOs.
OUR TEAM
We think like investors and act like partners – combining operational insight with institutional discipline to create alignment and enduring value.
We think like investors and act like partners – combining operational insight with institutional discipline to create alignment and enduring value.
Our founding team brings decades of experience in building, financing, and governing leading businesses across India’s private and public markets.
Our founding team brings decades of experience in building, financing, and governing leading businesses across India’s private and public markets.
Our Investment
Analyst Programme.
Unlock's 4–6 month Investment Analyst Programme offers pre-MBA, MBA, and early-career professionals with investing, consulting, or transaction advisory experience the opportunity to build real investing judgment in a high-conviction environment. Participants work directly with our team on industry research, financial modeling, diligence support, investment writing, and AI-enabled workflows - all designed to instill the core habits of an investor: structured thinking, analytical rigor, and clear communication.
If you would like to learn more about the experience, feel free to connect with our past investment analysts.
Unlock's 4–6 month Investment Analyst Programme offers pre-MBA, MBA, and early-career professionals with investing, consulting, or transaction advisory experience the opportunity to build real investing judgment in a high-conviction environment. Participants work directly with our team on industry research, financial modeling, diligence support, investment writing, and AI-enabled workflows - all designed to instill the core habits of an investor: structured thinking, analytical rigor, and clear communication.
If you would like to learn more about the experience, feel free to connect with our past investment analysts.
Creating liquidity.
Strengthening continuity.
We provide secondary capital to India’s mid-market private companies, helping founders realign ownership, while delivering long-term value to our investors.
ABOUT US
Dedicated secondary fund focused on India’s mid-market - the segment of profitable private companies that form the backbone of India’s economic growth.
India’s private markets have evolved rapidly over the past decade. The early venture cycle created hundreds of scaled businesses, but liquidity hasn’t kept pace. Many of these companies are now sustainable, profitable, and positioned for exits within three to five years, yet tens of billions of dollars of equity remain trapped on their cap tables.
That’s the opportunity Unlock Capital was built to serve.
INVESTMENT FOCUS
We focus on sectors where we have deep operating and investing experience: Consumer, financial platforms, and services.
Our focus is on mid-sized private companies - businesses that have achieved scale, visibility, and governance maturity, but are still below the radar of large buyout funds. We partner with founders and existing investors of such businesses, to create structured secondary solutions that provide liquidity to early shareholders - employees, angels, and venture funds. We do so without disrupting ownership or control. By simplifying cap tables and aligning incentives, we help businesses transition cleanly from private growth to public or strategic outcomes.
Investment Strategy
Minority secondary investments in India’s mid-market companies where liquidity constraints limit shareholders.
Focused on the mid-market
We target businesses large enough to demonstrate profitability and resilience, yet small enough to remain under-served by traditional private equity.
Alignment over control
We back founders, not replace them. Our transactions preserve ownership and control while simplifying cap tables and unlocking liquidity for early investors, employees, and smaller shareholders.
Execution through expertise
Our team has built, scaled, and exited companies across India’s private markets - taken them public, sold them to strategics, and managed billions in capital. This perspective allows us to underwrite secondary investments not just as financial transactions, but as catalysts for growth and institutional readiness.
Repeatability through discipline
We focus on sectors we know deeply - consumer, financial platforms, and services - and apply a consistent, process-driven approach to evaluating opportunities and managing risk.
We target businesses large enough to demonstrate profitability and resilience, yet small enough to remain under-served by traditional private equity.
Focused on the mid-market
Our team has built, scaled, and exited companies across India’s private markets - taken them public, sold them to strategics, and managed billions in capital. This perspective allows us to underwrite secondary investments not just as financial transactions, but as catalysts for growth and institutional readiness.
Execution through expertise
We back founders, not replace them. Our transactions preserve ownership and control while simplifying cap tables and unlocking liquidity for early investors, employees, and smaller shareholders.
Alignment over control
We focus on sectors we know deeply - consumer, financial platforms, and services - and apply a consistent, process-driven approach to evaluating opportunities and managing risk.
Repeatability through
discipline
We believe enduring value in India will be created not by chasing momentum, but by partnering with founders who have already built resilient, cash-generating businesses.
Our approach combines disciplined investment judgment with deep operating experience, enabling us to structure transactions that provide liquidity for existing shareholders while strengthening governance and alignment for the next phase of growth.
We believe enduring value in India will be created not by chasing momentum, but by partnering with founders who have already built resilient, cash-generating businesses.
Our approach combines disciplined investment judgment with deep operating experience, enabling us to structure transactions that provide liquidity for existing shareholders while strengthening governance and alignment for the next phase of growth.
The opportunity
Unlocking liquidity
through secondary
investments.
India’s startup and private equity ecosystem has matured rapidly – but liquidity hasn’t kept pace. While significant capital has been deployed over the last decade, early investors, founders, and employees often remain locked in for years, awaiting traditional exits like IPOs or M&A. This growing mismatch between capital deployed and capital returned has made secondary investments not just relevant, but essential.
A critical pillar of the private capital ecosystem
Secondary transactions allow early stakeholders to realize gains, recycle capital, and reallocate risk. For the broader ecosystem, this improves Distributed-to-Paid-In (DPI) ratios, attracts long-term capital, and fosters healthier market dynamics. Yet, in India, the secondaries market remains underpenetrated - constrained by fragmented ownership, limited liquidity avenues, and a lack of institutional frameworks. Unlock Capital exists to bridge this gap.
Our approach: Purpose-built for India’s complexities
At Unlock Capital, we focus on direct secondaries - acquiring minority positions in high-quality, profitable, mid-market businesses through consolidated transactions. We specialize in solving for complexity: cap tables with multiple early stakeholders that are close to but not yet ready for a public exit. We do not buy portfolios, and work on each deal alongside founders to ensure a stronger relationship.
A maturing market, a growing imperative
India’s secondary market is scaling rapidly, with transaction volumes and investor participation increasing year over year. As more institutional investors seek liquidity and founders look to rebalance their cap tables, secondaries have emerged as a credible, mainstream path to achieving both. Direct secondaries remain the dominant and most agile solution, enabling timely liquidity while preserving alignment and momentum toward long-term outcomes like IPOs.
A critical pillar of the private capital ecosystem
Secondary transactions allow early stakeholders to realize gains, recycle capital, and reallocate risk. For the broader ecosystem, this improves Distributed-to-Paid-In (DPI) ratios, attracts long-term capital, and fosters healthier market dynamics. Yet, in India, the secondary investments market remains underpenetrated – constrained by fragmented ownership, limited liquidity avenues, and a lack of institutional frameworks. Unlock Capital exists to bridge this gap.
Our approach: Purpose-built for India’s complexities
At Unlock Capital, we focus on direct secondary investments – acquiring minority positions in high-quality, profitable, mid-market businesses through consolidated transactions. We specialize in solving for complexity: cap tables with multiple early stakeholders that are close to but not yet ready for a public exit. We do not buy portfolios, and work on each deal alongside founders to ensure a stronger relationship.
A maturing market, a growing imperative
India’s secondary market is scaling rapidly, with transaction volumes and investor participation increasing year over year. As more institutional investors seek liquidity and founders look to rebalance their cap tables, secondary investments have emerged as a credible, mainstream path to achieving both. Direct secondary investments – like those we specialize in – remain the dominant and most agile solution, enabling timely liquidity while preserving alignment and momentum toward long-term outcomes like IPOs.
OUR TEAM
We think like investors and act like partners – combining operational insight with institutional discipline to create alignment and enduring value.
Our founding team brings decades of experience in building, financing, and governing leading businesses across India’s private and public markets.
Our Investment Analyst Programme
Unlock's 4–6 month Investment Analyst Programme offers pre-MBA, MBA, and early-career professionals with investing, consulting, or transaction advisory experience the opportunity to build real investing judgment in a high-conviction environment. Participants work directly with our team on industry research, financial modeling, diligence support, investment writing, and AI-enabled workflows - all designed to instill the core habits of an investor: structured thinking, analytical rigor, and clear communication.
If you would like to learn more about the experience, feel free to connect with our past investment analysts.