Ahmedabad's GVFL Announces First Close of Prarambh Fund at INR 100 Cr GVFL aims to invest in 25–30 startups operating in B2B SaaS, health-tech, agri-tech, climate-tech, and deep-tech sectors with investments in the range of INR 1 crore to INR 3 crore each in the next year.
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Ahmedabad-based venture capital firm GVFL (formerly Gujarat Venture Finance Limited) has announced the first close of its new seed stage fund, Prarambh Fund, at INR 100 crore. The total fund corpus is INR 200 crore.
As per the official release, GVFL aims to deploy the funds to 25–30 promising seed startups in the year. The Prarambh Fund will focus on tech start-ups in B2B SaaS, health-tech, agritech, climate-tech, and deep-tech, with investment in the range of INR 1 crore to INR 3 crore each.
Kamal Bansal, Managing Director, GVFL, said, "We are thrilled to announce the first close of Prarambh Fund, which will aim to foster innovation across diverse sectors and create an ecosystem of funding and mentorship for young entrepreneurs. Prarambh Fund will ensure the availability of 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," he added.
Founded in 1990, GVFL is an independent, board-managed venture finance company. So far, it has raised nine funds that have supported over 110 companies and divested from over 75% of portfolio companies, providing stellar returns to their investors.
GVFL is providing funds from a co-investment platform named a4X.fund (accelerate for excellence). This platform is designed to support seed-stage companies by offering acceleration services and partnerships with mentors and industry experts to create their growth roadmap.
Mihir Joshi, President, GVFL, added, "GVFL has a strong track record of investing in early-stage companies and has committed investments of over INR 150 crore in the last 18 months through its Emerging Enterprise Venture Fund, an INR 500 crore fund. The first close of Prarambh reflects our commitment to nurture startups at the beginning of their life cycle and provide them with the necessary resources to scale to maturity level."
