Ahmedabad-based venture capital firm GVFL, formerly known as Gujarat Venture Finance Limited, has announced the launch of its latest initiative, the Prarambh Fund. This seed stage fund has successfully secured its first close at Rs 100 crore, with a targeted total corpus of Rs 200 crore. The fund aims to invest in 25-30 promising startups in sectors such as B2B SaaS, Health-tech, Agritech, Climate Tech, and Deep-Tech, with individual investments ranging from Rs 1 crore to Rs 3 crore.
GVFL has a rich history of supporting innovation in India, having raised nine funds to date and backing over 110 companies. With a strategic focus on providing venture capital to early-stage ventures, GVFL prides itself on its meticulous market viability assessments and comprehensive support system for its portfolio companies. This support ranges from strategic guidance to governance oversight, ensuring that funded startups receive the necessary resources to thrive in competitive markets.
Kamal Bansal, Managing Director of GVFL, expressed his enthusiasm for the Prarambh Fund’s first close, emphasizing its role in fostering innovation and providing a seamless funding pathway for startups from their inception to growth stages. He highlighted GVFL’s commitment to positioning itself as a versatile venture capital firm capable of nurturing companies throughout their entire lifecycle.
Mihir Joshi, President of GVFL, underscored the firm’s dedication to nurturing early-stage startups, citing the success of their previous initiatives and the strategic partnerships they offer through platforms like a4X.fund. This co-investment platform provides startups with acceleration services and access to industry mentors, facilitating their growth and scalability.
The launch of the Prarambh Fund marks a significant milestone for GVFL in its mission to bolster the startup ecosystem in India. By targeting key sectors driving technological and societal advancements, GVFL aims to catalyze innovation and support the next generation of entrepreneurial endeavors across the country.
As GVFL prepares to deploy the Prarambh Fund into promising startups over the coming year, the firm remains committed to leveraging its expertise and network to maximize returns for investors while driving sustainable growth for the Indian startup landscape. This initiative not only reinforces GVFL’s leadership in venture finance but also underscores its proactive role in shaping the future of technology and business innovation in India.