Gaja Capital Becomes First Indian Private Equity Firm to Receive SEBI Nod for IPO

Gaja Capital Becomes First Indian Private Equity Firm to Receive SEBI Nod for IPO

Homegrown private equity firm Gaja Capital has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), marking a historic first for India’s private equity industry. The firm had filed its draft papers through the confidential route earlier this year.

In June 2025, Gaja Capital raised ₹125 crore in a pre-IPO placement from marquee investors including HDFC Life, SBI Life, Akash Bhanshali, and Jagdish Master, valuing the firm at approximately ₹1,625 crore.

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Founded in 2004, Gaja Capital has built a strong reputation as one of India’s leading mid-market private equity investors, with a diverse portfolio that includes Fractal Analytics, People Home Finance, RBL Bank, TeamLease, Lighthouse Learning, Avendus, Educational Initiatives, LeadSquared, and Signzy.

The firm has strengthened its leadership this year with the appointment of former SEBI Chairman U.K. Sinha as non-executive chairman. Other non-executive board members include Shailesh Haribhakti, Prithvi Haldea, Manish Sabharwal, Arindam Bhattacharya, and Shital Mehra, while the executive board is led by the founding team — Gopal Jain, Ranjit Shah, and Imran Jafar.

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The upcoming IPO represents a milestone for India’s alternative investment sector, signaling the growing maturity and institutionalization of domestic private equity. By going public, Gaja Capital aims to set a precedent for other investment firms seeking long-term capital access through public markets.

JM Financial and IIFL Securities are acting as advisors to the proposed issue.