To support various devices for multimedia services, it needs to some adaptation technologies. A transcoding is one of major fields in adaptive multimedia delivery. A transcoding proxy is usually necessary to provide adapting multimedia object to various mobile devices by not only transcoding multimedia objects to meet different needs on demand, but also caching them for later use. In this paper, we propose a caching algorithm in transcoding proxy that can reduce the startup time, improve caching ratio with segment-based proxy management. Our simulation results demonstrate that the proposed algorithms outperform the competing algorithms.