Gaja Capital

Gaja Capital, established in 2004, is a Mumbai-based private equity firm focusing on growth capital investments in the Indian market. It specializes in the mid-market segment, investing between $5 million to $40 million per company, with a typical holding period of three to seven years. The firm targets investments in sectors such as services, consumer services, manufacturing, infrastructure services, healthcare, financial services, education, and retail. Gaja Capital seeks minority investments and co-invests with global investors and successful Indian entrepreneurs. It exits investments primarily through initial public offerings, whole company sales, or stake sales. The firm is known for its experienced indigenous team, deep networks, and a track record of backing innovative entrepreneurs and businesses in emerging sectors.

Manoj Balan

Senior Director

Rajat Chaturvedi

Associate

Sushane Chopra

Partner

Ranjan Dasgupta

Operating Partner

Dheeraj Devata

Senior Director

Sarvesh Gupta

Principal

Joni Iljazi

Principal

Imran Jafar

Co-Founder and Managing Partner

Ayush Jain

Principal

Abhinav Jain

General Partner

Shivam Jindal

Senior Associate

Mukund Kothari

Associate

Kaustubh Kumar

Principal

Avinash Luthria

Partner

Komal Modi

Principal

Sriranjan Seshadri

Principal

Ranjit Shah

Co-Founder and Managing Partner

Himanshu Shah

Operating Partner

Anand Vyas

Partner

Farrzana Wadia

Principal

34 past transactions

AmberStudent

Private Equity Round in 2024
AmberStudent is a long-term accommodation booking platform tailored specifically for students, facilitating the search for suitable housing near universities. Serving over 4 million students annually, AmberStudent offers a user-friendly experience by eliminating the challenges of negotiation, complex paperwork, and unreliable payment processes. The platform features more than 1 million student housing units across over 80 cities and 400 universities worldwide, making it the largest and fastest-growing resource in the student housing sector. By providing a diverse range of options, including furnished rooms, studios, and flats, AmberStudent enables students to secure accommodations without the need for a local credit score or offline payments. With a gross bookings value run-rate of $500 million this year, the company aims to reach $1 billion by 2024.

AmberStudent

Debt Financing in 2024
AmberStudent is a long-term accommodation booking platform tailored specifically for students, facilitating the search for suitable housing near universities. Serving over 4 million students annually, AmberStudent offers a user-friendly experience by eliminating the challenges of negotiation, complex paperwork, and unreliable payment processes. The platform features more than 1 million student housing units across over 80 cities and 400 universities worldwide, making it the largest and fastest-growing resource in the student housing sector. By providing a diverse range of options, including furnished rooms, studios, and flats, AmberStudent enables students to secure accommodations without the need for a local credit score or offline payments. With a gross bookings value run-rate of $500 million this year, the company aims to reach $1 billion by 2024.

Signzy

Series B in 2022
Signzy is a provider of digital onboarding and identity verification solutions, serving clients in over 180 countries through its no-code platform and APIs. The company specializes in enhancing trust and security for banks and financial institutions by offering tools for Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) compliance, fraud detection, and various verifications, including bank account and age checks. Utilizing artificial intelligence and cryptographic technologies, Signzy’s platform simplifies customer authentication and due diligence processes, thereby streamlining onboarding and risk management for financial services. The company has established partnerships with notable organizations, including major banks and technology firms, and has helped customers achieve significant improvements, such as increased applicant growth and reduced fraud rates.

LeadSquared

Series C in 2022
LeadSquared is a marketing and customer relationship management platform that specializes in lead conversion and marketing automation for both B2B and B2C businesses. Founded in 2013 and headquartered in Bengaluru, India, the company offers a suite of services including sales CRM, mobile CRM, and marketing automation. Its platform is designed to streamline the entire marketing and lead generation process, enabling clients to track, nurture, and manage leads effectively from initial capture to final conversion. LeadSquared also provides an intuitive interface that allows users to customize their database management and logic, ultimately enhancing sales efficiency and pipeline management. The company aims to empower enterprises by increasing their sales execution and automating key processes across teams and channels.

Kinara Capital

Private Equity Round in 2021
Kinara Capital is a financing company based in Bengaluru, India, that specializes in providing flexible collateral-free loans to small business entrepreneurs. Founded in 2011 by Hardika Shah, the company targets growing businesses in sectors such as agri-products, handicrafts, water, food, and energy. Kinara Capital offers loans ranging from Rs 1 lakh to 15 lakh, aiming to bridge the gap between microfinance and commercial capital, and supports funding needs for working capital, capital assets, and start-up initiatives. The firm distinguishes itself through personalized customer service and a fast turnaround time, leveraging data-driven insights to enhance the lending experience. Recognized for its impact in the financial sector, it was named 'Bank of the Year-Asia' by the IFC/World Bank in 2019 and ranked among the Top 100 High-Growth Companies in Asia-Pacific by the Financial Times.

LeadSquared

Series B in 2020
LeadSquared is a marketing and customer relationship management platform that specializes in lead conversion and marketing automation for both B2B and B2C businesses. Founded in 2013 and headquartered in Bengaluru, India, the company offers a suite of services including sales CRM, mobile CRM, and marketing automation. Its platform is designed to streamline the entire marketing and lead generation process, enabling clients to track, nurture, and manage leads effectively from initial capture to final conversion. LeadSquared also provides an intuitive interface that allows users to customize their database management and logic, ultimately enhancing sales efficiency and pipeline management. The company aims to empower enterprises by increasing their sales execution and automating key processes across teams and channels.

Xpressbees

Series E in 2020
Xpressbees is an e-commerce logistics company that specializes in providing a wide range of logistics solutions to its partners. The company focuses on last-mile delivery, offering same-day and next-day services, as well as reverse logistics, payment collection, drop shipping, and vendor management. Additionally, Xpressbees supports cross-border services and fulfillment solutions, ensuring that clients have access to comprehensive supply-chain management. Its platform includes an online shipment tracking system, which enhances customer satisfaction by enabling clients to offer timely deliveries and value-added services. Through these offerings, Xpressbees aims to address the diverse logistics needs of its clients effectively.

Suryoday Small finance Bank

Venture Round in 2020
Suryoday Small Finance Bank Limited is a small finance bank based in Navi Mumbai, India, focused on promoting financial inclusion by serving unserved and underserved populations. Established in 2008, the bank provides a diverse range of services, including savings and current accounts, fixed deposits, and a variety of loan products such as home loans, vehicle financing, and loans for micro, small, and medium enterprises. Additionally, it offers insurance products, pension schemes, and digital banking services, including UPI payments and mobile banking. The bank operates through various segments, with retail banking being its primary revenue source. With a network of 482 banking outlets across multiple states and union territories, Suryoday Small Finance Bank aims to empower economically challenged individuals, particularly women, by facilitating access to essential financial services and contributing to poverty alleviation in its areas of operation. Formerly known as Suryoday Micro Finance Limited, it rebranded in January 2017 to reflect its broader banking capabilities.

Navi Technologies

Private Equity Round in 2020
BAC Acquisition is a company focused on acquiring and developing consumer-centric and technology-driven businesses in the BFSI (Banking, Financial Services & Insurance) sector. Leveraging innovative technologies and a customer-centric approach, BAC Acquisition aims to enhance and expand its portfolio of businesses within the financial services industry.

Kinara Capital

Private Equity Round in 2019
Kinara Capital is a financing company based in Bengaluru, India, that specializes in providing flexible collateral-free loans to small business entrepreneurs. Founded in 2011 by Hardika Shah, the company targets growing businesses in sectors such as agri-products, handicrafts, water, food, and energy. Kinara Capital offers loans ranging from Rs 1 lakh to 15 lakh, aiming to bridge the gap between microfinance and commercial capital, and supports funding needs for working capital, capital assets, and start-up initiatives. The firm distinguishes itself through personalized customer service and a fast turnaround time, leveraging data-driven insights to enhance the lending experience. Recognized for its impact in the financial sector, it was named 'Bank of the Year-Asia' by the IFC/World Bank in 2019 and ranked among the Top 100 High-Growth Companies in Asia-Pacific by the Financial Times.

Chumbak

Series D in 2019
Chumbak is a Bangalore-based gifting startup founded by Subhra Chadda that operates as a design-led lifestyle brand. The company offers a diverse range of products inspired by various cultures and art forms, including designer t-shirts, coffee mugs, shot glasses, mouse pads, iPhone cases, bookmarks, posters, and bags. Chumbak operates retail stores and provides an online platform where customers can conveniently purchase apparel, tableware, gift sets, home décor, stationery, and other lifestyle products. Through its unique offerings, Chumbak aims to enrich the shopping experience for individuals looking to enhance their personal style and home aesthetics.

Suryoday Small finance Bank

Venture Round in 2019
Suryoday Small Finance Bank Limited is a small finance bank based in Navi Mumbai, India, focused on promoting financial inclusion by serving unserved and underserved populations. Established in 2008, the bank provides a diverse range of services, including savings and current accounts, fixed deposits, and a variety of loan products such as home loans, vehicle financing, and loans for micro, small, and medium enterprises. Additionally, it offers insurance products, pension schemes, and digital banking services, including UPI payments and mobile banking. The bank operates through various segments, with retail banking being its primary revenue source. With a network of 482 banking outlets across multiple states and union territories, Suryoday Small Finance Bank aims to empower economically challenged individuals, particularly women, by facilitating access to essential financial services and contributing to poverty alleviation in its areas of operation. Formerly known as Suryoday Micro Finance Limited, it rebranded in January 2017 to reflect its broader banking capabilities.

John Distilleries

Private Equity Round in 2019
John Distilleries Pvt Ltd, established in 1996 and headquartered in Bengaluru, India, specializes in the production and supply of alcoholic beverages. Its portfolio includes a range of spirits such as whisky, brandy, wine, and vodka, catering to both domestic and international markets. The company distributes its products through its sales network across India and exports to select African nations and the United Arab Emirates.

CL Educate

Private Equity Round in 2019
CL Educate Ltd is an Indian education company that operates in two primary segments: EdTech and MarTech. With a focus on diverse education sectors, the company caters to learners of various age groups. The EdTech segment generates the majority of its revenue, offering educational services such as coaching, content creation, and platform services aimed at enhancing the academic and career prospects of students. In addition, CL Educate's MarTech segment provides integrated solutions for corporate clients, which include experiential marketing, event management (both physical and virtual), marketing communications, customized engagement programs, manpower services, and sales management. Established over twenty years ago and led by a team of qualified professionals, including alumni from prestigious institutions, CL Educate is dedicated to shaping the educational journeys and futures of its students.

Bonanza Online

Private Equity Round in 2019
Bonanza Portfolio Limited is a prominent financial services and brokerage company based in New Delhi, India, established in 1993. It provides a comprehensive range of financial services, including equity broking, commodity derivatives, and fixed income products such as IPO underwritings and mutual fund distribution. Additionally, Bonanza offers advisory services, portfolio management, and insurance product distribution. The company is known for its innovative trading platform, enabling clients to trade both online and offline. With a vast network of over 1,784 outlets across 560 cities in India, Bonanza has established itself as one of the largest and fastest-growing financial institutions in the country. The firm is also committed to technological advancement and boasts a dedicated research team with extensive market expertise, further enhancing its service offerings.

EuroKids International

Corporate Round in 2018
EuroKids International Private Limited is a prominent operator of pre-schools in India, specializing in early childhood education. Founded in 1993 and based in Mumbai, the company offers a variety of programs designed to prepare children for regular schooling and daycare services. Its educational offerings include EUROFIR, promoting fitness and motor skills; YOGAKIDS, which focuses on healthy body movement; EUROMUSIC, integrating music and storytelling; MINDFUL, encouraging present-moment awareness; EUPHONICS, a language-based reading foundation; MathLab; and SCIENTIFICSPARK, fostering scientific discovery. EuroKids also provides franchise opportunities for its pre-school brand, further expanding its reach in the education sector. Previously, it operated as a subsidiary of Educomp Solutions Limited.

Educational Initiatives

Private Equity Round in 2018
Educational Initiatives (EI) is an edtech company focused on transforming K-12 education through innovative research and technology-driven solutions. The organization aims to foster an environment where every child learns with understanding by utilizing a vast database accumulated over two decades, which encompasses over five billion data points. EI's platforms deliver personalized learning experiences through questions, activities, games, and videos, enabling precise assessment of student learning levels. The company emphasizes a scientific approach to product development, striving to uncover the 'Science of Learning' that can be systematically made available to educators. By providing a repository of data and effective teaching strategies, EI supports teachers in enhancing student comprehension and addressing common misconceptions, ultimately improving educational outcomes.

Massive Restaurants

Venture Round in 2017
Massive Restaurants Pvt. Ltd., founded by Zorawar Kalra in December 2012, is a prominent operator of a chain of specialty restaurants in India. The company aims to establish itself as a leader in the restaurant industry by developing premier brands that cater to diverse market segments. Under the mentorship of renowned culinary figure Jiggs Kalra, Massive Restaurants focuses on revolutionizing Indian cuisine and enhancing its global presence. The establishment owns and operates fine dining restaurants and cafes in cities like Mumbai and Gurgaon, offering an array of cuisines and cocktails. Through its innovative approach, Massive Restaurants seeks to elevate the dining experience and showcase the evolution of Indian food to a broader audience.

Chumbak

Venture Round in 2017
Chumbak is a Bangalore-based gifting startup founded by Subhra Chadda that operates as a design-led lifestyle brand. The company offers a diverse range of products inspired by various cultures and art forms, including designer t-shirts, coffee mugs, shot glasses, mouse pads, iPhone cases, bookmarks, posters, and bags. Chumbak operates retail stores and provides an online platform where customers can conveniently purchase apparel, tableware, gift sets, home décor, stationery, and other lifestyle products. Through its unique offerings, Chumbak aims to enrich the shopping experience for individuals looking to enhance their personal style and home aesthetics.

Avendus Capital

Venture Round in 2017
Avendus Capital is a prominent financial advisory firm based in Mumbai, India, founded in 1999. It offers a range of services, including investment banking, asset management, credit transactions, and wealth management. The firm specializes in private equity syndication and mergers and acquisitions, catering to a diverse clientele that includes mid-market companies and large global organizations. Avendus Capital operates in six key sectors: Digital & Technology, Consumer and Financial Services, Healthcare, Enterprise Technology & Services, Infrastructure & Real Assets, and Industrials, leveraging its deep domain expertise to provide tailored financial solutions. The firm's extensive experience and understanding of regulatory environments enable it to navigate complex transactions and deliver strategic advice effectively.

Kinara Capital

Series C in 2017
Kinara Capital is a financing company based in Bengaluru, India, that specializes in providing flexible collateral-free loans to small business entrepreneurs. Founded in 2011 by Hardika Shah, the company targets growing businesses in sectors such as agri-products, handicrafts, water, food, and energy. Kinara Capital offers loans ranging from Rs 1 lakh to 15 lakh, aiming to bridge the gap between microfinance and commercial capital, and supports funding needs for working capital, capital assets, and start-up initiatives. The firm distinguishes itself through personalized customer service and a fast turnaround time, leveraging data-driven insights to enhance the lending experience. Recognized for its impact in the financial sector, it was named 'Bank of the Year-Asia' by the IFC/World Bank in 2019 and ranked among the Top 100 High-Growth Companies in Asia-Pacific by the Financial Times.

Avendus Capital

Private Equity Round in 2017
Avendus Capital is a prominent financial advisory firm based in Mumbai, India, founded in 1999. It offers a range of services, including investment banking, asset management, credit transactions, and wealth management. The firm specializes in private equity syndication and mergers and acquisitions, catering to a diverse clientele that includes mid-market companies and large global organizations. Avendus Capital operates in six key sectors: Digital & Technology, Consumer and Financial Services, Healthcare, Enterprise Technology & Services, Infrastructure & Real Assets, and Industrials, leveraging its deep domain expertise to provide tailored financial solutions. The firm's extensive experience and understanding of regulatory environments enable it to navigate complex transactions and deliver strategic advice effectively.

Kinara Capital

Private Equity Round in 2017
Kinara Capital is a financing company based in Bengaluru, India, that specializes in providing flexible collateral-free loans to small business entrepreneurs. Founded in 2011 by Hardika Shah, the company targets growing businesses in sectors such as agri-products, handicrafts, water, food, and energy. Kinara Capital offers loans ranging from Rs 1 lakh to 15 lakh, aiming to bridge the gap between microfinance and commercial capital, and supports funding needs for working capital, capital assets, and start-up initiatives. The firm distinguishes itself through personalized customer service and a fast turnaround time, leveraging data-driven insights to enhance the lending experience. Recognized for its impact in the financial sector, it was named 'Bank of the Year-Asia' by the IFC/World Bank in 2019 and ranked among the Top 100 High-Growth Companies in Asia-Pacific by the Financial Times.

Suryoday Small finance Bank

Venture Round in 2017
Suryoday Small Finance Bank Limited is a small finance bank based in Navi Mumbai, India, focused on promoting financial inclusion by serving unserved and underserved populations. Established in 2008, the bank provides a diverse range of services, including savings and current accounts, fixed deposits, and a variety of loan products such as home loans, vehicle financing, and loans for micro, small, and medium enterprises. Additionally, it offers insurance products, pension schemes, and digital banking services, including UPI payments and mobile banking. The bank operates through various segments, with retail banking being its primary revenue source. With a network of 482 banking outlets across multiple states and union territories, Suryoday Small Finance Bank aims to empower economically challenged individuals, particularly women, by facilitating access to essential financial services and contributing to poverty alleviation in its areas of operation. Formerly known as Suryoday Micro Finance Limited, it rebranded in January 2017 to reflect its broader banking capabilities.

Kinedu

Convertible Note in 2016
Kinedu is an educational platform focused on fostering nourishing and meaningful relationships between parents and their children through creative activities. The platform offers personalized, engaging video-based developmental activities designed to support parents in enhancing the cognitive, social, linguistic, emotional, and physical growth of their toddlers during early development. By providing tailored content, Kinedu aims to empower parents in their children's formative years, making the learning experience both enjoyable and impactful.

Kiddo Health

Seed Round in 2016
Kiddo Health Inc is a company that offers a connected care platform aimed at enhancing the health management of children, particularly those facing physical and behavioral health challenges. The platform features a smart pediatric band designed for children aged three and above, which monitors vital signs such as perspiration, activity levels, heart rate, and skin temperature. Accompanied by a companion app, this system provides parents with actionable health insights, alerts, and recommendations to ensure they remain informed about their child's health. Additionally, Kiddo Health integrates care features like Telehealth and doctor appointment management, enabling healthcare providers to deliver proactive care while potentially reducing admission rates. By focusing on these aspects, Kiddo Health strives to support the overall well-being of school-aged children and adolescents.

Suryoday Small finance Bank

Venture Round in 2016
Suryoday Small Finance Bank Limited is a small finance bank based in Navi Mumbai, India, focused on promoting financial inclusion by serving unserved and underserved populations. Established in 2008, the bank provides a diverse range of services, including savings and current accounts, fixed deposits, and a variety of loan products such as home loans, vehicle financing, and loans for micro, small, and medium enterprises. Additionally, it offers insurance products, pension schemes, and digital banking services, including UPI payments and mobile banking. The bank operates through various segments, with retail banking being its primary revenue source. With a network of 482 banking outlets across multiple states and union territories, Suryoday Small Finance Bank aims to empower economically challenged individuals, particularly women, by facilitating access to essential financial services and contributing to poverty alleviation in its areas of operation. Formerly known as Suryoday Micro Finance Limited, it rebranded in January 2017 to reflect its broader banking capabilities.

SportzVillage

Series A in 2015
SportzVillage, founded by alumni of prestigious institutions like IIT, IIM, and INSEAD with extensive experience across global organizations, operates as a comprehensive sports services provider in India. With a presence in five major cities, the company offers a range of services including sports marketing and events management, school sports programs, infrastructure services for sporting facilities, new media solutions for sports, and ticketing services. Through its subsidiaries, SportzVillage has cultivated an extensive network spanning federations, media outlets, sponsors, associations, brands, educational institutions, and sports enthusiasts.

Bakers Circle

Venture Round in 2015
Bakers Circle is an attractive, yet defensive, way to derive upon the country's F&B (food and beverages) opportunities. Bakers Circle, which pivoted to the B2B model in 2006-07, reported revenue of Rs 63 crore in 2013-14 and expects to post a top-line of between Rs 65-70 crore in the current fiscal.

RBL Bank

Venture Round in 2014
RBL Bank Limited is a private-sector scheduled commercial bank based in Mumbai, India, established in 1943. The bank operates through several segments, including Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations. It offers a diverse range of deposit products such as savings and current accounts, as well as fixed deposits. RBL Bank provides various lending options, including personal, home, car, education, and business loans, along with financial services like insurance, wealth management, and online banking. The bank also engages in advisory services for mergers and acquisitions, project finance, and trade services. With a focus on expansion, RBL Bank has developed a network of branches and ATMs across India, servicing over 500,000 customers and maintaining a robust business size. Following a transformational journey initiated in 2010, the bank has strengthened its governance and technology infrastructure to support its growth strategy.

Carnation Auto India

Venture Round in 2013
Carnation Auto India is an automotive care center that operates an online multi-brand sales and service network. The company specializes in the retail of pre-owned cars and car accessories, while also providing a range of services including car repairs, inspections, and warranties. In addition to selling used vehicles, Carnation Auto offers car exchange programs and maintenance services, ensuring comprehensive support for vehicle owners. With a focus on quality and customer satisfaction, the company aims to meet diverse automotive needs through its extensive service offerings.

TeamLease Services

Venture Round in 2011
TeamLease Services is a prominent provider of human resource services in India, established in 2002 with a mission to enhance employment opportunities across the nation. The company offers a comprehensive range of services, including temporary staffing solutions, permanent recruitment, and regulatory consultancy for labor law compliance. It operates through two main segments: General Staffing and Allied Services, which encompass staffing, temporary recruitment, and payroll services, and Other HR Services, which include regulatory compliance and training. TeamLease is recognized as one of the largest temporary staffing firms in India, with a workforce of approximately 99,090 associates and a history of providing employment to around 1.12 million individuals. The majority of its business is concentrated in India, supported by a network of eight regional offices and over 1,000 full-time employees, with a vision to further expand its impact on employment and employability across the country.

RBL Bank

Venture Round in 2011
RBL Bank Limited is a private-sector scheduled commercial bank based in Mumbai, India, established in 1943. The bank operates through several segments, including Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations. It offers a diverse range of deposit products such as savings and current accounts, as well as fixed deposits. RBL Bank provides various lending options, including personal, home, car, education, and business loans, along with financial services like insurance, wealth management, and online banking. The bank also engages in advisory services for mergers and acquisitions, project finance, and trade services. With a focus on expansion, RBL Bank has developed a network of branches and ATMs across India, servicing over 500,000 customers and maintaining a robust business size. Following a transformational journey initiated in 2010, the bank has strengthened its governance and technology infrastructure to support its growth strategy.

Haldia Coke

Private Equity Round in 2010
Haldia Coke is one of India’s top three metallurgical coke (“met-coke”) producers. The company is part of the Shriram Group based in South India. Haldia Coke currently has an in-house met-coke manufacturing capacity of 0.27 MTPA (million tons per annum). It has also backward integrated into coking coal mines, and owns two mines in the United States. The company is one of three merchant producers of met-coke in India which has a captive raw-material supply to hedge against price volatility, as prices of coking coal are dynamic and is also one of two merchant producers that can produce power as a by-product of the process.
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