VC fund (Cat II) · Curated list
Gaja Capital
Growth (Series C+) · Financial services (non-tech) · Mumbai
At a glance
- Stage focus
- Growth (Series C+)
- Primary sector
- Financial services (non-tech)
- City
- Mumbai
- HQ / office
- 1402, Tower 2B, One World Center, Senapati Bapat Marg, Lower Parel (Delisle Road), Mumbai – 400013, India. Registered office: 302, 3rd Floor, Kanchenjunga Building, 18 Barakhamba Road, Connaught Place, New Delhi – 110001, India. Phone: +91 22 2421-2280.
- Fund registered
- 2013
- Investments on record
- 28
- Corpus (as reported)
- ~USD 500m AUM (reported, EMPEA/GPCA member profile). Gaja Capital India Fund 2020 was targeting ~USD 400m (reported 2020-2021). Note: holding entity Gaja Alternative Asset Management Ltd filed for an IPO (UDRHP-1 dated Dec 2025; SEBI approval Oct 2025) of ~₹656 crore — confirm latest AUM at time of use.
- Website
- gajacapital.com
- Profile ↗
About
Gaja Capital is an India-focused, mid-market growth private equity firm, founded in 2004 (first investments from 2005) and headquartered in Mumbai. Co-founded by Gopal Jain (Co-Founder, Managing Director & CEO) and Ranjit Shah, it invests in consumer, financial services, education and digital-technology companies via SEBI Category II AIF vehicles. The firm focuses on India's mid-market buyout/control space (target enterprise values ~USD 50-100m). Founding by Indian professionals confirmed via IFC disclosure documents. As of late 2025, its holding company (Gaja Alternative Asset Management Ltd) has filed for a public listing (would be among India's first PE/AMC IPOs).
Investment focus
Growth-stage / mid-market private equity (mid-market buyout/control space; targets enterprise values ~USD 50-100m). Sector focus: consumer & consumer services, financial services, education, and digital technology/SaaS. Invests via SEBI Category II AIF vehicles. Typical cheque historically ~USD 15-30m, growing to larger commitments in later funds.
Cheque size
USD 15-30M per investment (approx INR 125-250 Cr)
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category II — reported as “Consumer / D2C / growth (growth-stage private equity) / Cat I/Cat II”
- IN/AIF2/13-14/0093
- IN/AIF2/20-21/0860
- IN/AIF2/20-21/0861
- IN/AIF1/25-26/1904
SIDBI Fund of Funds
None found
Notable portfolio
Xpressbees; Amber (Amber Enterprises); RBL Bank; EuroKids; Educational Initiatives; John Distilleries; TeamLease; Signzy
Team & organisation
~30 professionals incl. MD/CEO Gopal Jain, Exec Vice-Chairman, Exec Director and 2 named Partners (Sushane Chopra, Dheeraj Devata)
India-based PE manager (Gaja Advisors); multi-fund platform, Funds I-IV registered as SEBI Category II AIFs (growth/buyout mid-market)
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Frequently asked
- What does Gaja Capital invest in?
- Growth-stage / mid-market private equity (mid-market buyout/control space; targets enterprise values ~USD 50-100m). Sector focus: consumer & consumer services, financial services, education, and digital technology/SaaS. Invests via SEBI Category II AIF vehicles. Typical cheque historically ~USD 15-30m, growing to larger commitments in later funds.
- What cheque size does Gaja Capital write?
- As compiled from public sources: USD 15-30M per investment (approx INR 125-250 Cr)
- How do I pitch Gaja Capital through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ PE-not-early-VC: this is a growth/mid-market private equity (buyout/control) firm, not a seed/early-stage VC — not a typical match for early-stage startup acceleration. IMPENDING PUBLIC LISTING: holding/management company Gaja Alternative Asset Management Ltd filed DRHP/UDRHP-1 (Dec 2025), SEBI-approved Oct 2025, for a ~₹656 crore IPO on NSE/BSE — currently still private, but moving toward public listing; re-verify status before use. Founding-year nuance: legal entity CIN dates to 1999, but firm and IFC documents consistently state founded 2004 / investing since 2005 — not a discrepancy of substance. IFC (World Bank private-sector arm) is an equity LP in Gaja Capital Fund II (up to USD 25m, capped at ≤20% of commitments) — a normal foreign-DFI limited-partner relationship that does NOT make Gaja a government/DFI vehicle; Gaja is a privately founded/managed PE firm. No name-collision or fraud indicators; official live site confirmed.
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://gajacapital.com/; https://gajacapital.com/team