Ahmedabad’s venture capital firm GVFL, previously known as Gujarat Venture Finance Limited, has announced the first phase of funding. GVFL’s new seed-stage fund, Prarambh, marks its first close at INR 100 crore, with a total fund size of Rs 200 crore.
The firm plans to invest in 25-30 early-stage startups this year, focusing on sectors like B2B software-as-a-service (SaaS), health technology, agriculture technology, climate technology, and deep technology. Each investment is expected to range from Rs 1 crore to Rs 3 crore on average.
GVFL’s Seed Stage Fund Hits First Close at INR 100 Cr
GVFL, based in Ahmedabad, has introduced the Prarambh Fund to aid startups from initial seed funding to growth stages. Kamal Bansal, Managing Director of GVFL, highlighted that this initiative aims to provide seamless financial support to startups, starting from pre-revenue phases. The fund, totaling Rs 200 crore, will cater to early-stage ventures across various sectors such as B2B SaaS, healthtech, agritech, climate tech, and deeptech. Additionally, GVFL offers a co-investment platform called a4X.fund, providing startups access to industry experts and mentors to accelerate their development.
GVFL’s Commitment to Startup Growth
Mihir Joshi, President of GVFL, highlighted the firm’s dedication to nurturing startups with their investments. Over the past 18 months, GVFL has already committed over Rs 150 crore through its Rs 500 crore Emerging Enterprise Venture Fund. The recent first close of Rs 100 crore for the Prarambh fund underscores GVFL’s strategy to support startups right from their inception, providing essential resources for their growth journey towards maturity.
GVFL aims to collaborate closely with incubators and global accelerators to significantly impact the entrepreneurial landscape. This partnership is expected to foster innovation and drive growth opportunities for startups across various sectors.
VentureSoul Partners Launches Debt Fund
VentureSoul Partners, a newly established entity, has launched its debut debt fund, VentureSoul Capital Fund I. This fund aims to raise a substantial corpus of INR 600 crore. The fund’s primary focus is to invest in startups that have progressed beyond the Series A funding stage. These startups are expected to have a proven revenue model and must have already secured at least $10 million in equity funding.
The fund is slated to achieve its initial closing by the end of June, indicating a swift progression in its fundraising efforts to support promising ventures in their growth phases.
GVFL and Brinc Accelerator Program Collaboration
Last year, GVFL, a seasoned venture capital firm, partnered with Brinc, a global venture accelerator, to launch an accelerator program. This collaboration was designed to provide robust support to early-stage startups operating across diverse sectors, including consumer goods, industrial solutions, enterprise technologies, emerging technologies, and sustainable innovations.
The accelerator program aims to nurture innovation and facilitate startup growth by providing them with essential resources, mentorship, and networking opportunities. By focusing on these critical areas, GVFL and Brinc aim to drive forward the entrepreneurial landscape, fostering the development of impactful solutions across various industries.
Also Read:
Oyo Secures Rs 1,000 Crore Funding from Indian Family Offices
Foxtale Secures $18 Mn To Offer Safe Skincare Solutions
Government to Fund 150 Startups with ₹50 Lakh Each to Boost Technical Textiles
