Navi Technologies has raised a an additional fund of about Rs 204 crore fromGaja Capital, a mid-market private equity firm. This news was confirmed by the company in the recent statement included in the filings submitted to the Registrar of Companies.

Brought into being by Sachin Bansal who is the co-founder and former chief executive of India’s largest online retailer Flipkart, is at present been named as the managing director of Navi Technologies- a firm building customer-centric and technology driven businesses in the BFSI space.

According to the documents filed by the Bengaluru-headquartered company, Navi Technologies has allotted 1.45 crore equity shares, at a price of Rs140.5 apiece, to three entities, Gaja Capital Fund-II, GCFII-B and Gaja Capital India AIF Trust.An email sent to Gopal Jain, managing partner of Mumbai-headquartered Gaja Capital, did not elicit any response at the time of going to press.

The latest private placement follows a fundraising of over Rs 3,000 crore by the company that was led by Bansal and other investors earlier this month. It is, however, yet unclear if Gaja Capital’s investment in Navi Technologies is part of the same preferential allotment.Its microfinance arm Chaitanya India Fin Credit had also applied for a universal banking license to the Reserve Bank of India earlier this year. Bansal’s investments across a range of notable startups have also been rolled into the company. Additionally, in July last year, he was reported to have subscribed to non-convertible debentures worth Rs 200 crore issued by Piramal Enterprises.

The investment in Navi Technologies is the latest bet placed by Gaja Capital, a financial services, education, healthcare and consumer-focused investment firm. The firm, which manages assets of about $500 million across its three funds, has backed domestic financial services major Avendus Capital, MSME-focused NBFC Kinara and lifestyle brand Chumbak, among others. It has also scored multi-bagger returns from its portfolio companies RBL Bank and TeamLease that have gone public.

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