Venture capital firm GVFL on Wednesday announced the first close at Rs 100 crore for its seed-stage fund — Prarambh, which holds a corpus of Rs 200 crore. The Ahmedabad-based firm said it aims to deploy funds in 25-30 promising technology startups in B2B SaaS, SaaS, health tech, agritech, climate tech, and deep tech with investment in the range of Rs 1-3 crore each in the next one year.
“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,” said GVFL Managing Director Kamal Bansal.
Formerly Gujarat Venture Finance Ltd, GVFL has so far raised nine funds, which have supported over 110 companies and divested from over 75% of portfolio companies.
GVFL has a strong track record of investing in early-stage companies and has committed investments of over Rs 150 crore in the last 18 months through its Emerging Enterprise Venture Fund, a Rs 500 crore Fund.
“The first close of Prarambh reflects our commitment to nurture startups at the beginning of their life cycle and provide them with the necessary resources to scale to maturity level,” GVFL president Mihir Joshi said.
