GVFL Announces First Close Of INR 500 Crore Fund The firm aims to invest the fund raised in technology-driven startups across edtech, healthtech, agritech, biotech and consumer business, among others

Gujarat Venture Finance Limited (GVFL) has announced the first close of its ninth fund at INR 185 crore which has a total valuation of INR 500 crore. As per GVFL statement, the category II Alternate investment fund (AIF) is approved by the securities and exchange board of India (SEBI).

"GVFL's fund aims to invest the fund raised in technology-driven startups across edtech, healthtech, agritech, biotech and consumer business, among others. It also aims to support government initiatives like Startup India and Aatmanirbhar Bharat to strengthen the entrepreneurial ecosystem," said GVFL in a statement.

"The entrepreneurs are disrupting traditional business models across the sectors with tech-driven business models. These entrepreneurs are supported by angel investors ecosystem and by venture capitalist having a large pool of capital. Government has also been a keen enabler for the growth of startups ecosystems in the country. In the last 3 years, the startup activity has grown exponentially. We believe that in the next 5 years, this ecosystem will grow manifolds," added in statement.

GVFL had launched its eighth fund in 2016 and invested it in 13 startups such as Frazzo, Sequretek, Pet Pooja, Qarmatek among others. The firm has also supported 96 companies with its eight funds over the last three decades. It is one of the very few domestic VC firms with multiple full lifecycle experiences, GVFL claimed in a statement.

Founded in 1990 at the initiative of World Bank, GVFL has supported ventures working on cutting edge of technology as well as encouraged entrepreneurs with innovative ideas. Unique feature of GVFL's approach has been its broad-spectrum support to its funded entities that ranges from strategic direction to governance support, as per company website.