- GVFL aims to invest in 25 startups in the next year through Prarambh Fund
- Targeted fund corpus is ₹200 crore
- Prarambh Fund will invest in startups in B2B SaaS, Health-tech, Agri-tech, Climate-tech, and Deep-tech
- Average investment size expected to be ₹1 crore – ₹3 crore
Ahmedabad, June 19, 2024: GVFL, a leading venture capital firm based in Ahmedabad, has announced the first close of its new Seed Stage fund, Prarambh Fund, at ₹100 crore. The total fund corpus is ₹200 crore, and GVFL plans to deploy these funds in 25-30 promising seed startups over the next year. The Prarambh Fund will focus on tech startups in B2B SaaS, Health-tech, Agri-tech, Climate-tech, and Deep-tech, with investments ranging from ₹1 crore to ₹3 crore each.
GVFL (formerly Gujarat Venture Finance Limited) is an independent, board-managed venture finance company. To date, they have raised nine funds, supporting over 110 companies, and have divested from more than 75% of their portfolio companies, providing stellar returns to their investors. Over the last two decades, GVFL has focused on providing venture capital to innovative startups. Its experienced team conducts detailed assessments of market viability and management credentials, providing broad-spectrum support to funded entities, from strategic direction to governance support.
Commenting on the first close, Kamal Bansal, Managing Director of GVFL, said, “We are thrilled to announce the first close of Prarambh Fund, which aims to foster innovation across diverse sectors and create an ecosystem of funding and mentorship for young entrepreneurs. Prarambh Fund will ensure a seamless funding pathway for startups from seed to growth stages. We believe that providing capital support to pre-revenue and early-stage startups will position GVFL as a comprehensive venture capital firm, capable of supporting companies through all stages of their development.”
GVFL is committed to adding value beyond capital by providing a co-investment platform named a4X.fund (accelerate for excellence). This platform supports seed-stage companies by offering acceleration services and partnerships with mentors and industry experts to create their growth roadmap.
Mihir Joshi, President of GVFL, added, “GVFL has a strong track record of investing in early-stage companies and has committed investments of over ₹150 crore in the last 18 months through its Emerging Enterprise Venture Fund, a ₹500 crore fund. The first close of Prarambh reflects our commitment to nurturing startups at the beginning of their life cycle and providing them with the necessary resources to scale to maturity.”
This announcement marks a significant step for GVFL in its mission to support and grow the startup ecosystem in India. With Prarambh Fund, GVFL aims to work closely with incubators and global accelerators to make a substantial impact on the entrepreneurial landscape, driving innovation and growth for startups.
