Alternative logic, rethinking the norm.

Alternative logic, rethinking the norm.

Alternative logic,
rethinking the norm.

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BG Image

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Why us

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Why us

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Why us

Why Second Theory Capital?

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Why us

Second Theory Capital is a Mumbai family office investing across public markets and select private opportunities.

Our work combines network-driven access with AI-enabled research across the full investment workflow.

We challenge default narratives and look for second-order insights.

We back durable businesses and overlooked mispricing with humility and rigor.

Second Theory Capital is a Mumbai family office investing across public markets and select private opportunities.

Our work combines network-driven access with AI-enabled research across the full investment workflow.

We challenge default narratives and look for second-order insights.

We back durable businesses and overlooked mispricing with humility and rigor.

// Track record

Early, and right.

We back companies before the market sees them, and we stay invested.

5.3×
ESDS, since our ₹240 entry

First invested in 2024 at ₹240 a share. Listed on the National Stock Exchange in September 2026. At ₹1,272 on 28 October 2026, that is 5.3× our entry. We continue to hold.

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3.1×
NSE, since our ₹580 entry

First invested in February 2023 at ₹2,900 a share, which became ₹580 after the 4:1 bonus issue of 2024. Listed on the BSE in September 2026. At ₹1,777 on 28 October 2026 (BSE close), that is 3.1× our entry. We continue to hold.

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2.1×
Banka Bioloo, realised

First invested in February 2018 at ₹46 a share. Sold in full between May 2023 and February 2024 at an average of about ₹95, realising 2.1× our entry.

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// On X

Parag writes as he invests.

The question behind each position, the numbers as they land, and the calls before they are obvious, posted as they happen.

Parag Agrawal
Parag Agrawal
@ParagAgraw39433 · Founder, Second Theory Capital

Second-order thinking on Indian markets and the companies we back, in the open. No hindsight edits.

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Investments

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Investments

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Investments

Our investments.
Backing essential industries.

Ten companies. Nine industries, public and private.

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Partners

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Partners

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Partners

Meet the partners.

Parag Agrawal

Founder

Parag founded Second Theory Capital, the family office, and runs it from Mumbai. Before investing he spent several years building businesses. He was Vice President of Marketing at RainCan, a Pune milk-and-grocery subscription start-up. After BigBasket acquired RainCan in 2018 and launched BB Daily, he ran BB Daily in Ahmedabad, building it from scratch to 600,000 orders a month and the fastest-growing city in the business, and helped set it up across India. He later co-founded AucToro, an HR-tech start-up. He invests as an operator: he has built teams, won customers and run operations on the ground, and brings that to the companies he backs. He is a Finance and Management graduate of New York University's Stern School of Business.

Parag Agrawal

Founder

Parag founded Second Theory Capital, the family office, and runs it from Mumbai. Before investing he spent several years building businesses. He was Vice President of Marketing at RainCan, a Pune milk-and-grocery subscription start-up. After BigBasket acquired RainCan in 2018 and launched BB Daily, he ran BB Daily in Ahmedabad, building it from scratch to 600,000 orders a month and the fastest-growing city in the business, and helped set it up across India. He later co-founded AucToro, an HR-tech start-up. He invests as an operator: he has built teams, won customers and run operations on the ground, and brings that to the companies he backs. He is a Finance and Management graduate of New York University's Stern School of Business.

Parag Agrawal

Founder

Parag founded Second Theory Capital, the family office, and runs it from Mumbai. Before investing he spent several years building businesses. He was Vice President of Marketing at RainCan, a Pune milk-and-grocery subscription start-up. After BigBasket acquired RainCan in 2018 and launched BB Daily, he ran BB Daily in Ahmedabad, building it from scratch to 600,000 orders a month and the fastest-growing city in the business, and helped set it up across India. He later co-founded AucToro, an HR-tech start-up. He invests as an operator: he has built teams, won customers and run operations on the ground, and brings that to the companies he backs. He is a Finance and Management graduate of New York University's Stern School of Business.

Prabodh Agrawal

Partner

Prabodh is a Chartered Accountant with over three decades in banking and financial services. He worked with James Capel B&K (part of HSBC), CLSA and IIFL Securities, first as an analyst covering banks and financial services and later as Head of Equities Research, and was Group CFO of IIFL Holdings. He has worked in Mumbai and Singapore, and now manages the family's investments from Mumbai.

Prabodh Agrawal

Partner

Prabodh is a Chartered Accountant with over three decades in banking and financial services. He worked with James Capel B&K (part of HSBC), CLSA and IIFL Securities, first as an analyst covering banks and financial services and later as Head of Equities Research, and was Group CFO of IIFL Holdings. He has worked in Mumbai and Singapore, and now manages the family's investments from Mumbai.

Prabodh Agrawal

Partner

Prabodh is a Chartered Accountant with over three decades in banking and financial services. He worked with James Capel B&K (part of HSBC), CLSA and IIFL Securities, first as an analyst covering banks and financial services and later as Head of Equities Research, and was Group CFO of IIFL Holdings. He has worked in Mumbai and Singapore, and now manages the family's investments from Mumbai.