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.
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.
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