Gaja Capital

Gaja Capital is a Mumbai-based private equity firm focused on growth capital and buyouts in India’s mid-market companies. The firm targets opportunities across services, consumer, manufacturing, healthcare, financial services, education, edtech, fintech, digital health, SaaS, and other growth sectors, often backing expansion plans and acquisitions. It primarily invests in India, participates in minority and co-investments while also pursuing the option of taking a controlling stake, depending on the growth thesis. Typical investment sizes range from roughly USD 5 million to USD 40 million, with funds deployed across multiple portfolio companies. Gaja Capital seeks relatively long-term value creation, typically exiting investments in three to seven years through initial public offerings, full or partial sales, or other exit mechanisms. Founded in 2004, it operates from Mumbai and collaborates with successful entrepreneurs, business families, and global investors to build scalable businesses.

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 global online platform dedicated to streamlining long-term accommodation booking for students. It connects over 80 million students worldwide with suitable housing near their universities, offering a seamless and standardized process. With a presence in over 80 cities and 400 universities globally, AmberStudent lists over one million student housing units.

AmberStudent

Debt Financing in 2024
AmberStudent is a global online platform dedicated to streamlining long-term accommodation booking for students. It connects over 80 million students worldwide with suitable housing near their universities, offering a seamless and standardized process. With a presence in over 80 cities and 400 universities globally, AmberStudent lists over one million student housing units.

Signzy

Series B in 2022
Signzy offers digital trust solutions, specializing in customer authentication and onboarding for financial institutions. Its platform employs AI and cryptography to facilitate biometric-enabled digital contracts, background checks, and KYC processes, enabling efficient digital onboarding across 180+ countries.

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
Founded in 2011, Kinara Capital is a financing company based in Bengaluru, India. It specializes in providing collateral-free loans to small businesses, focusing on working capital, capital assets, and startup needs within industries such as agri-products, handicraft production, water, food, and energy.

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
Founded in 2011, Kinara Capital is a financing company based in Bengaluru, India. It specializes in providing collateral-free loans to small businesses, focusing on working capital, capital assets, and startup needs within industries such as agri-products, handicraft production, water, food, and energy.

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 Wealth Management

Venture Round in 2017
Founded in 1999, Avendus Wealth Management is a leading Indian financial services provider. It offers customized solutions including investment banking, asset management, credit transactions, and wealth management. Serving clients ranging from mid-market companies to large global organizations, Avendus specializes in six verticals: Digital & Technology, Consumer and Financial Services, Healthcare, Enterprise Technology & Services, Infrastructure & Real Assets, and Industrials.

Kinara Capital

Series C in 2017
Founded in 2011, Kinara Capital is a financing company based in Bengaluru, India. It specializes in providing collateral-free loans to small businesses, focusing on working capital, capital assets, and startup needs within industries such as agri-products, handicraft production, water, food, and energy.

Avendus Wealth Management

Private Equity Round in 2017
Founded in 1999, Avendus Wealth Management is a leading Indian financial services provider. It offers customized solutions including investment banking, asset management, credit transactions, and wealth management. Serving clients ranging from mid-market companies to large global organizations, Avendus specializes in six verticals: Digital & Technology, Consumer and Financial Services, Healthcare, Enterprise Technology & Services, Infrastructure & Real Assets, and Industrials.

Kinara Capital

Private Equity Round in 2017
Founded in 2011, Kinara Capital is a financing company based in Bengaluru, India. It specializes in providing collateral-free loans to small businesses, focusing on working capital, capital assets, and startup needs within industries such as agri-products, handicraft production, water, food, and energy.

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 technology company that provides personalized video-based developmental activities for children aged zero to five. Its platform aims to foster meaningful relationships between parents and children by promoting cognitive, social, linguistic, emotional, and physical growth during early childhood.

Kiddo Health

Seed Round in 2016
Kiddo Health offers a connected care platform focused on managing chronic health conditions in school-aged children and adolescents. The platform captures health data and provides insights to support healthcare providers and parents in addressing the comprehensive needs of each child.

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 is a private-sector Indian commercial bank offering personal, business, and wholesale banking services. Established in 1943, it operates through five verticals: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking, and Financial Markets. As of March 2020, it had approximately 386 bank branches, 1,245 business correspondent branches, 263 banking outlets, and 596 ATMs across India.

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
Founded in 2002, TeamLease Services is a leading provider of human resource services in India. It offers a wide range of services spanning the entire supply chain of human resources, including employment, employability, and education. With over 1000 full-time employees and 99,090 associates across India, the company aims to provide employment opportunities to millions.

RBL Bank

Venture Round in 2011
RBL Bank is a private-sector Indian commercial bank offering personal, business, and wholesale banking services. Established in 1943, it operates through five verticals: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking, and Financial Markets. As of March 2020, it had approximately 386 bank branches, 1,245 business correspondent branches, 263 banking outlets, and 596 ATMs across India.

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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