Gaja Capital nears close for debut fund

The Mumbai-based firm focuses on growth capital investments, and has already made two investments from the $200m fund it is raising.

Gaja Capital Partners, an India-focussed private equity firm, is nearing the close of its  $200 million (€128 million) debut fund.

International Finance Corporation, the private sector arm of the World Bank, is investing $15 million in Gaja Capital Fund I, and Ranjit Shah, a partner at Gaja Capital, told PEO that the fund is expected to see a final close in the end of June.

The fund will invest in companies that have their principal business in India. It does not have a sector focus and will invest in diverse sectors across the manufacturing and services industries.

Shah said that the fund will provide growth capital to businesses around the country in the range of $5-20 million per deal.

The fund has already made two investments in Bonanza, a financial services and brokerage house; and Career Launcher, and education support and test preparatory services company. The firm has deployed about 10 percent of the fund’s capital through the two investments, Shah said.

Prior to raising Gaja Capital Fund I, the firm made proprietary investments in Indian companies following the same sector-agnostic approach as it does now.

Its past transactions include Educomp Solutions, a technology-driven provider of education services; EduSchools, a subsidiary of Educomp Solutions that is establishing a chain of private schools in India; and Vishal Retail, an Indian hypermarket with over 100 stores in the country.