The stake was bought from Cinnamon Capital for Rs 215 crore ($33 million).
For Creador, this is the 28th investment globally and 10th in India, the South and Southeast Asia-focused private equity (PE) firm said in a statement.
In August, CDC Group Plc, the development finance institution owned by the UK government, sold a part of its stake in Ujjivan Financial Services Ltd for around Rs 212 crore.
Ujjivan provides loan and savings products to the unserved and underserved population. Incorporated in 2004, Ujjivan today serves 3.7 million customers through its network of 445 branches across 24 states and union territories.
Ujjivan Small Finance Bank has 65 full-fledged brick and mortar branches operating in eight states and two union territories.
Creador is currently investing from its $415-million third fund.
Recently, it invested Rs 275 crore in hospital chain Paras Healthcare for a 20 per cent stake. It had also invested in Ahmedabad-based pharmaceutical company Corona Remedies Pvt. Ltd.
One of its recent exits was in real estate firm Ashiana Housing, which last week got a commitment of $41 million from IFC.