Affirma Capital exits TBO Tek with 12x returns, generates $468 million in capital gains

Affirma Capital has completed its full exit from travel technology platform TBO Tek Ltd., generating a 12x multiple on invested capital (MOIC) and a 49% internal rate of return (IRR) in US dollar terms. The exit has generated $468 million in capital gains, while the investment delivered a 14.9x multiple and a 54% IRR in Indian rupee terms. 

Affirma Capital invested around ₹300 crore ($42 million) in TBO in 2018 through a secondary transaction, acquiring a 49.9% stake in the company before its spin-off from Standard Chartered Bank. 

Affirma Capital exits TBO via multiple tranches 

Given its significant shareholding in TBO, Affirma Capital monetised its investment in several tranches over the years. The private equity firm first sold part of its stake to General Atlantic in 2023-24, generating a return of more than 9x its initial investment in dollar terms. 

It subsequently divested a portion of its holding through TBO's initial public offering (IPO) in May 2024, at approximately 11x its entry price in dollar terms. 

Following the listing, Affirma Capital continued to pare its stake through block deals and open-market transactions. It exited its final tranche between July and October 2026, at approximately 17x its original investment in dollar terms. 

Udai Dhawan, founding partner and head of India at Affirma Capital, said the firm had partnered with TBO's founders as the company evolved from a predominantly India-focused business into a globally diversified travel technology platform. 

"It has been a privilege to partner with Ankush and Gaurav and watch them build TBO into one of the world's leading travel technology platforms. At the time of our investment, TBO was primarily an India business; the team has done an exceptional job transforming it into a globally diversified company, and we are proud to have supported them on that journey," Dhawan said. 

"As we complete our final exit, we are delighted with the outcome and wish the team continued success," he added. 

TBO founders credit investor's support for growth 

Ankush Nijhawan, co-founder and joint managing director of TBO, said Affirma Capital's global investment expertise and Dhawan's guidance as a board member had supported the company's expansion, acquisitions and stock market listing. 

"As we strengthened our leadership team, expanded internationally, completed multiple acquisitions and successfully listed on the stock exchange, Affirma Capital's deep expertise in investing in mid-market companies globally and Udai's guidance as a Board member have been invaluable to our scale-up," Nijhawan said. He added that the partnership had generated significant value and expressed the possibility of working with Affirma Capital again in the future. 

Gaurav Bhatnagar, co-founder and joint managing director of TBO, said the eight-year partnership had remained strong through major disruptions, including the Covid-19 pandemic and geopolitical events that affected global travel. 

"They have been genuine value-adding partners who stood firmly with us through multiple macro cycles, including COVID and a series of geopolitical events that significantly disrupted global travel. I am delighted that we have been able to deliver exceptional returns for our shareholders," Bhatnagar said. 

Affirma Capital is an independent emerging-market private equity firm owned and operated by former senior leaders of Standard Chartered Private Equity. The firm manages more than $4 billion in assets for global limited partners and sovereign wealth funds, with offices in Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg.