The inception of modeling contextual information using models such as BERT, ELMo, and Flair has significantly improved representation learning for words. It has also given SOTA results in almost every NLP task - Machine Translation, Text Summarization and Named Entity Recognition, to name a few. In this work, in addition to using these dominant context-aware representations, we propose a Knowledge Aware Representation Learning (KARL) Network for Named Entity Recognition (NER). We discuss the challenges of using existing methods in incorporating world knowledge for NER and show how our proposed methods could be leveraged to overcome those challenges. KARL is based on a Transformer Encoder that utilizes large knowledge bases represented as fact triplets, converts them to a graph context, and extracts essential entity information residing inside to generate contextualized triplet representation for feature augmentation. Experimental results show that the augmentation done using KARL can considerably boost the performance of our NER system and achieve significantly better results than existing approaches in the literature on three publicly available NER datasets, namely CoNLL 2003, CoNLL++, and OntoNotes v5. We also observe better generalization and application to a real-world setting from KARL on unseen entities.