Gaja reaches $130m first close on second India fund

According to VC Circle, the vehicle is now looking to raise up to $225 million by mid-2015 with a hard cap of $250 million. The fund managed to secure a $25 million commitment from the International Finance Corporation (IFC) - the investment arm of the World Bank - in October last year.

According to a previous IFC disclosure, the fund is focusing on growth capital investments in mostly unlisted companies putting in $15-30 million per investment. In total it will back six to 10 business through equity and equity-linked securities. The fund was originally expected to reach a first close of $75 million by the end of 2013 or early this year.

Founded in 2004 by Gopal Jain and Ranjit Shah, Mumbai-headquartered Gaja has been making private equity investments since 2005. The firm is currently advising the $180 million Gaja Capital Fund I, which has made eight investments to date.

According to AVCJ Research, Gaja's previous investments include pre-school chain EuroKids, automotive services company Carnation Auto, private sector lender RBL Bank, education and training services company CL Educate and staffing company TeamLease. Gaja is set for make a partial exit from CL Educate after the company filed for its IPO at the beginning of this month.

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• Topics
• South Asia
• Fundraising
• Expansion
• India
• Gaja Capital Partners
• Fundraising
• Growth capital