GVFL’s Seed Stage Fund Marks First Close At INR 100 Cr

GVFL Ltd’s Prarambh Fund, which aims to raise a total corpus of INR 200 Cr, will be invested in tech startups across B2B SaaS, healthtech, agritech, climate tech and deeptech

The fund aims to back 25-30 seed startups this year with an average ticket size of INR 1-3 Cr

Its portfolio includes biotech company Amrita Therapeutics, 3D Dynamic Beam laser machine maker SLTL Group and household products retailer Varmora Homeware, among others

Ahmedabad-based GVFL Ltd’s seed stage fund has marked its first close at INR 100 Cr (around $12 Mn).

The fund, Prarambh Fund, which aims to raise a total corpus of INR 200 Cr, will be invested in tech startups across B2B SaaS, healthtech, agritech, climate tech and deeptech.

The fund aims to back 25-30 seed startups this year with an average ticket size of INR 1-3 Cr.

Founded in 1990 through the initiative of Gujarat’s government and the World Bank, GVFL is an independent venture capital firm based in Ahmedabad.

GVFL, formerly known as Gujarat Venture Finance Limited, claims to have raised nine funds to support over 110 companies and has divested from over 75% of portfolio companies providing stellar returns to its investors.

Its portfolio includes biotech company Amrita Therapeutics, 3D Dynamic Beam laser machine maker SLTL Group and household products retailer Varmora Homeware, among others.

Kamal Bansal, managing director at GVFL said, “Prarambh Fund will aim to foster innovation across diverse sectors and create an ecosystem of funding & 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,” he added.

This comes at a time where investor firms are heavy in allocating capital to bet on emerging startups with innovation, strong margins and that promises handsome returns.

Earlier this week, VentureSoul Partners launched its maiden debt fund, VentureSoul Capital Fund I, with a target corpus of INR 600 Cr. The company is eyeing the first close of the fund by the end of June.

The fund will invest in startups that are at Series A or beyond stage, with a demonstrated revenue model and having raised at least $10 Mn of equity funding.

Last year, GVFL partnered with global venture accelerator Brinc to launch an accelerator programme to back early-stage startups across four different sectors, with an aim to aid startups operating across consumer, industry and enterprise, emerging tech, and sustainability sectors.