VC firm GVFL achieves first close of Prarambh Fund at Rs 100 crore
The Ahmedabad-based company plans to utilise and deploy the funds raised in Prarambh Fund in 25-30 promising seed startups in the year.
![VC firm GVFL achieves first close of Prarambh Fund at Rs 100 crore](https://cdn.zeebiz.com/sites/default/files/2024/06/19/300324-ewrfwe.jpg?im=FitAndFill=(1200,900))
Venture capital (VC) GVFL (formerly Gujarat Venture Finance Limited) has achieved the first close of its new seed stage fund 'Prarambh Fund' at Rs 100 crore.
The VC firm plans to raise a total of Rs 200 crore through this new fund.
The Ahmedabad-based company plans to utilise and deploy the funds raised in Prarambh Fund in 25-30 promising seed startups in the year. The fund will focus on tech startups in B2B SaaS, health-tech, Agri-tech, climate-tech, and deep tech sectors. The ticket size would be ranging from Rs 1 crore to Rs 3 crore.
GVFL is specialised in providing venture capital to innovative startups, conducting thorough market viability assessments, and offering comprehensive support, including strategic direction and governance with the help of its detail-oriented team. In the past two decades, GVFL has raised nine funds to date supporting over 110 companies and exiting from over 75 per cent of their portfolio with strong returns for investors.
Commenting on the first close, Kamal Bansal, MD of GVFL, said, "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 supports seed-stage companies by offering acceleration services and partnerships with mentors and industry experts to help create their growth roadmap.
Mihir Joshi, president of GVFL, added, "The first close of Prarambh reflects our commitment to nurturing startups at the beginning of their lifecycle 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 the 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 start-ups.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/personal-finance/photo-gallery-sip-swp-monthly-pension-income-retirement-corpus-planning-calculator-inr-rs-20000-monthly-investment-for-15-years-inr-99000-monthly-return-for-42-years-313283](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316973-rupee-pixabay-take-1.jpg?itok=02-hJh59)
SIP+SWP: Rs 20,000 monthly SIP for 16 years to get Rs 99,000 monthly income for 42 years; how is it possible?
![https://www.zeebiz.com/market-news/news-bajaj-finserv-rvnl-borosil-renewables-carysil-railtel-corporation-stocks-to-buy-hdfc-securities-recommendation-picks-target-stop-loss-bse-nse-313386](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/317091-26.jpg?itok=gE1cWt7z)
RVNL, Bajaj Finserv and 5 more: Brokerage recommends buying these 7 stocks for up to 3 months | Check target, stop loss
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-vs-ups-vs-ops-monthly-pension-income-retirement-corpus-calculator-what-will-be-your-pension-on-inr-rs-10000-contribution-for-35-years-expert-calculations-313361](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/317060-rupee-pixabay-take-2.jpg?itok=cOVdof_v)
NPS vs UPS vs OPS: What will be your monthly pension if you contribute Rs 10,000 monthly for 35 years? Get expert calculations
![https://www.zeebiz.com/personal-finance/photo-gallery-top-7-etf-sip-mutual-funds-in-5-years-calculator-how-inr-rs-21000-monthly-investment-has-grown-in-nifty-sp-bse-next-50-cpse-uti-icici-pru-nippon-india-motilal-oswal-bharat-22-nift-mid-infra-313306](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316994-indian-currency-pixabay-take-1.jpg?itok=JURVEkst)
Top 7 ETF Mutual Funds With Highest SIP Returns in 5 Years: How Rs 21,000 monthly SIP has grown in each ETF over the years
![https://www.zeebiz.com/personal-finance/photo-gallery-sbi-senior-citizen-fd-fixed-deposit-latest-interest-rate-2024-calculator-what-be-maturity-amount-with-return-on-investments-of-inr-900000-lakh-in-1-3-5-year-guaranteed-return-scheme-retirement-planning-313221](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/09/06/316909-note-coin-pixabay-take-1.jpg?itok=3RPKcBYE)
SBI Senior Citizen FD Rates 2024: What you can get if you invest Rs 3 lakh, Rs 5 lakh, Rs 7 lakh, and Rs 9 lakh in 1-, 3-, and 5-year FDs
05:57 PM IST