Gaja Capital

Gaja Capital is a private equity firm based in Mumbai, India, founded in 2004. The firm specializes in investing in mid-market companies across various sectors, including education, financial services, consumer services, manufacturing, healthcare, and infrastructure. Gaja Capital focuses on providing growth capital and Series C investments, as well as engaging in buyouts, turnarounds, and pre-IPO deals. The firm typically invests between $5 million and $18.36 million in its portfolio companies, seeking minority stakes and often co-investing with global investors and prominent Indian entrepreneurs. With a team that possesses extensive experience and networks within India’s business landscape, Gaja Capital aims to support innovative entrepreneurs and businesses. The firm typically exits its investments within three to seven years through initial public offerings or sales of entire stakes.

Dasgupta, Ranjan Panchu Gopal

Operating Partner

Sarvesh Gupta

Principal

Joni Iljazi

Principal

Imran Jafar

Co-Founder and Managing Partner

Ayush Jain

Principal

Gopal Jain

Co-Founder and Managing Partner

Kaustubh Kumar

Principal

Avinash Luthria

Partner

Komal Modi

Principal

Ranjit Shah

Managing 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 provides a digital onboarding and identity verification platform designed for banks and financial institutions, facilitating customer authentication and compliance across over 180 countries. Utilizing artificial intelligence and cryptography, Signzy's no-code platform and APIs streamline processes such as KYC, KYB, and fraud checks, making it easier for businesses to integrate secure identity verification into their workflows. The company collaborates with numerous prominent clients, including major banks in India and a top acquiring bank in the U.S., as well as strong partnerships with Mastercard and Microsoft. Customers have reported significant improvements, including a fourfold increase in applicant growth, a 99% reduction in fraud, and an 80% decrease in costs. Signzy aims to enhance security and ensure global compliance for its clients.

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 variety of logistics solutions for its partners. The company offers services such as last-mile delivery, reverse logistics, payment collection, drop shipping, vendor management, and fulfillment services. Additionally, Xpressbees provides cross-border services and tailored software solutions to enhance efficiency. Its platform supports same-day and next-day delivery, along with an online shipment tracking system, allowing clients to improve customer satisfaction through timely and reliable services.

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
Navi is a Bengaluru-based firm helping build consumer-centric businesses in the BFSI (Banking, Financial Services & Insurance) space.

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, specializing in design-led lifestyle products inspired by various cultures and art forms. The company offers a diverse range of items, including apparel, home decor, tableware, stationery, and gift sets. Chumbak operates retail stores and an online platform, allowing customers to conveniently purchase unique designer products such as t-shirts, coffee mugs, bags, and posters. With a focus on creativity and cultural inspiration, Chumbak aims to enhance personal style and home aesthetics for its consumers.

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 is a producer of alcoholic beverages, specializing in a diverse range of products that includes whisky, brandy, rum, wine, and vodka. The company is committed to delivering high-quality liquors, allowing customers to enjoy a variety of premium options. Through its focus on craftsmanship and quality, John Distilleries has established itself in the competitive beverage market.

Bonanza Online

Private Equity Round in 2019
A financial powerhouse! That’s what Bonanza is for you! Established in the year 1994, Bonanza developed into one of the largest financial services and broking house in India within a short span of time. Today, Bonanza is the fastest growing financial service with 5 mega group companies under it. With diligent effort, acknowledged industry leadership and experience, Bonanza has spread its trustworthy expertise all over the country with pan-India presence across more than 1784 outlets spread across 560 cities. With a smorgasbord of services across all verticals in finance, Bonanza offers you the perfect blend of financial services right from Equity Broking, Advisory Services that cover Portfolio Management Services, Mutual Fund Investments, Insurance to exceptional Depository Services. Bonanza believes in being technologically advanced so that they can offer you – their tech-savvy customers - an integrated and innovative platform to trade online as well as offline. Besides, they also have one of the finest and most dedicated research teams with experts who have in-depth, unsurpassed knowledge of the market place. All this and more makes Bonanza the perfect place for you to take your first step in the direction of financial success. Bonanza is affiliated with the best in the industry – right from the NSE, BSE MCX, MCX-SX to CDSL, NSDL, ICEX and USE etc. These affiliations prove their worth in the market and make Bonanza a name to reckon with.

CL Educate

Private Equity Round in 2019
CL Educate Ltd focuses on diverse segments of education, and across learners of multiple age-groups. Led by a team of highly qualified professionals including IIT-IIM alumni, with a passion for excellence in education, CL Educate Ltd has focused on shaping the lives and careers of many students in the twenty years of its existence.

EuroKids International

Corporate Round in 2018
EuroKids International is the companies in the education space in India which has its presence in the pre-schooling, K-12 sector and online learning domain. EuroKids pre-schools is one of the leading pre-schools in India, specializing in early childhood education and pre-school programs.

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. It aims to foster an environment where children learn with understanding by providing personalized learning content and teaching aids. EI's platforms utilize insights derived from over five billion data points, offering a range of assessments, activities, and multimedia resources designed to evaluate students' learning levels. The company has spent two decades building a unique database that not only identifies common misconceptions and errors among students but also provides actionable insights for educators. By adopting a scientific approach to product development, EI seeks to create a comprehensive repository of the 'Science of Learning' that empowers teachers to enhance their instructional methods and improve student outcomes.

Massive Restaurants

Venture Round in 2017
Massive Restaurants Pvt. Ltd., founded in December 2012 by Zorawar Kalra, aims to elevate Indian cuisine on a global scale. Known for his previous success in the restaurant industry, Kalra, along with his father Jiggs Kalra, a renowned figure in Indian gastronomy, established the company to create premier restaurant brands that cater to various market segments. Massive Restaurants operates a chain of fine dining establishments and cafes in Mumbai and Gurgaon, offering a diverse range of cuisines and cocktails. The company focuses on revolutionizing the dining experience by showcasing the evolution of Indian food and enhancing the nightlife scene, thereby making Indian cuisine a prominent choice for both local and international patrons.

Chumbak

Venture Round in 2017
Chumbak is a Bangalore-based gifting startup founded by Subhra Chadda, specializing in design-led lifestyle products inspired by various cultures and art forms. The company offers a diverse range of items, including apparel, home decor, tableware, stationery, and gift sets. Chumbak operates retail stores and an online platform, allowing customers to conveniently purchase unique designer products such as t-shirts, coffee mugs, bags, and posters. With a focus on creativity and cultural inspiration, Chumbak aims to enhance personal style and home aesthetics for its consumers.

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 that focuses on fostering meaningful relationships between parents and their children through creative activities. It offers personalized video-based developmental activities specifically designed for toddlers, which aim to enhance cognitive, social, linguistic, emotional, and physical development during early childhood. By providing engaging content, Kinedu helps parents support their children's growth and development at a crucial stage in their lives.

Kiddo Health

Seed Round in 2016
Kiddo Health Inc offers a connected care platform tailored for children facing physical and behavioral health challenges. The platform is centered around a smart pediatric band designed for children aged three and above, which monitors vital signs including perspiration, activity levels, heart rate, and skin temperature. Accompanied by a companion app, Kiddo provides parents with actionable health insights, alerts, and recommendations to enhance the care of their children. Additionally, the platform facilitates care integrations such as telehealth services and doctor appointments in select markets, allowing healthcare providers to manage admission rates effectively and deliver proactive, cost-efficient care. Overall, Kiddo aims to improve the health and well-being of school-aged children and adolescents by integrating various health metrics to support both parents and healthcare professionals.

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 is a sports education and management company operating in India, focusing on enhancing sports participation and fitness among children and communities. Over the past five years, it has established a comprehensive ecosystem that connects federations, media, sponsors, associations, brands, schools, and sports enthusiasts. The company’s diverse offerings include sports marketing and events, school sports programs, sports infrastructure services, new media in sports, and sports ticketing. With a strong presence in five cities, SportzVillage aims to foster sports education and management for schools, corporations, and leagues, promoting health and fitness through organized sports activities. Founded by alumni from prestigious institutions, the company leverages extensive experience from various industries to drive its mission forward.

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
We are one of India's leading providers of human resource services in the organized segment, delivering a broad range of human resource services to various industries, with a vision to Putting India to Work. TeamLease Services - Established in 2002 is now one of India’s leading providers of human resource services and foremost people supply chain company with 8 regional offices and over 1000 full time employees. Our services span the entire supply chain of human resources in India, covering 3 E’s - Employment, Employability and Education. According to CRISIL, we are one of the largest temporary staffing company in India in terms of revenues and no. of associate employees in 2014. The company currently has 99,090 associates across the country and have till date provided employment to approx. 1.12 million people with an aim to hire millions more!

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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