Affirma Capital exits India's TBO Tek with a 12x MOIC and 49% IRR
DealStreetAsia · 2026-10-14
Singapore-based PE firm Affirma Capital fully exited Indian travel platform TBO Tek, earning a 12x MOIC and 49% IRR in dollar terms and $468M in gains. It paid about $42M for a 49.9% stake in 2018, then sold in tranches: to General Atlantic, in the 2024 IPO, and via block deals through October 2026.
Vocabulary
Read source ↗- secondary transactionbuying existing shares from current holders
- block dealslarge one-off trades of listed shares
- monetised its staketurned its shareholding into cash