VC Firm GVFL Launches Rs 100 Crore Prarambh Fund for Startups
GVFL, a prominent venture capital firm, has announced the launch of its new Seed Stage fund, Prarambh Fund, securing an initial close with Rs 100 crore. The fund aims to support 25-30 seed-stage startups over the next year, focusing on sectors such as B2B SaaS, healthtech, agritech, climate-tech, and deeptech.
Kamal Bansal, Managing Director of GVFL, highlighted that Prarambh Fund will provide crucial capital ranging from Rs 1 crore to Rs 3 crore per startup, ensuring a seamless funding pathway from seed to growth stages. This initiative positions GVFL as a comprehensive venture capital firm dedicated to nurturing early-stage innovation.
GVFL, formerly known as Gujarat Venture Finance Limited, boasts a robust track record with nine previous funds that have supported over 110 companies. With over 75% of its portfolio companies divested, GVFL has consistently delivered returns to its investors.
Mihir Joshi, President of GVFL, noted that the firm has committed investments exceeding Rs 150 crore in the past 18 months through its Emerging Enterprise Venture Fund, part of a larger Rs 500 crore fund.
The launch of Prarambh Fund underscores GVFL's strategic intent to collaborate closely with incubators and global accelerators. This partnership aims to catalyze significant impact on the entrepreneurial landscape by fostering innovation and growth opportunities for startups.
GVFL's initiative comes at a pivotal time when the startup ecosystem in India is witnessing rapid growth, particularly in sectors aligned with technology-driven solutions and sustainable development goals.