Ahmedabad-based GVFL Marks First Close Of Seed Stage Fund Prarambh
So far, GVFL has raised nine funds which have supported over 110 companies and have divested from over 75 per cent of portfolio companies
GVFL, a venture capital firm based in Ahmedabad, first closed its new Seed Stage fund, Prarambh Fund. The first close has been reached at Rs 100 crore. The total fund corpus is Rs 200 crore. GVFL aims to deploy the funds in 25-30 seed startups in the year. The Prarambh Fund will focus on tech startups in B2B SaaS, Health-tech, Agritech, Climatetech, and Deeptech with investment in the range of Rs 1 crore to Rs 3 crore each.
GVFL (formerly Gujarat Venture Finance Limited) is an independent, board-managed venture finance company. So far, it has raised nine funds which have supported over 110 companies and have divested from over 75 per cent of portfolio companies. Over the last two decades, GVFL has focused on the role of providing venture capital to innovative startups.
Commenting on the first close, GVFL Managing Director Kamal Bansal says, “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.”
