Private equity firm Gaja Capital has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), after filing draft papers through the confidential route — a move that marks a milestone for India’s alternative investment industry.
This approval clears the path for India’s first IPO by a homegrown private equity firm, signaling growing maturity and investor confidence in the domestic PE landscape.
Pre-IPO Placement and Valuation
In June 2025, Gaja Capital raised ₹125 crore in a pre-IPO placement from prominent investors including HDFC Life, SBI Life, Akash Bhanshali, and Jagdish Master, valuing the firm at around ₹1,625 crore.
About Gaja Capital
Founded in 2004, Gaja Capital is a leading mid-market private equity investor in India, with a diversified portfolio spanning sectors such as financial services, education, technology, and consumer businesses. Its portfolio companies include Fractal Analytics, People Home Finance, RBL Bank, TeamLease, Lighthouse Learning, Avendus, Educational Initiatives, LeadSquared, and Signzy.
Leadership and Governance
Earlier in 2025, Gaja Capital appointed former SEBI Chairman U.K. Sinha as its Non-Executive Chairman, reinforcing its governance framework ahead of the public listing. The non-executive board also includes notable industry leaders such as Shailesh Haribhakti, Prithvi Haldea, Manish Sabharwal, Arindam Bhattacharya, and Shital Mehra.
The firm’s executive leadership team comprises founders Gopal Jain, Ranjit Shah, and Imran Jafar, who continue to drive its strategic direction.
Advisors and Outlook
JM Financial and IIFL Securities are advising Gaja Capital on its proposed IPO. The listing is expected to be a landmark event for India’s private equity ecosystem, potentially paving the way for other domestic investment firms to tap into public markets.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Investors should exercise due diligence before making any investment decisions.
