Monday, July 15, 2024

GVFL Launches Rs 100 Crore Prarambh Fund for Startups

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GVFL, a prominent venture capital firm, has unveiled the Prarambh Fund with an initial corpus of Rs 100 crore aimed at nurturing 25-30 promising seed-stage startups within the next year. The fund’s focus areas include B2B SaaS, healthtech, agritech, climate-tech, and deeptech, with individual investments ranging from Rs 1 crore to Rs 3 crore.

Kamal Bansal, Managing Director of GVFL, emphasized the fund’s role in providing seamless funding support to startups from their early stages through to growth. “Prarambh Fund will establish GVFL as a comprehensive venture capital firm by supporting pre-revenue and early-stage startups,” he stated.

GVFL, formerly known as Gujarat Venture Finance Limited, boasts a robust track record with nine previous funds that have supported over 110 companies. Having divested from more than 75% of its portfolio companies, GVFL has consistently delivered returns to its investors.

funding

Mihir Joshi, President of GVFL, highlighted the firm’s recent commitments in the startup ecosystem, including over Rs 150 crore in investments through the Emerging Enterprise Venture Fund, a larger Rs 500 crore initiative.

The introduction of Prarambh Fund aims to collaborate closely with incubators and global accelerators to significantly impact the entrepreneurial landscape. By fostering innovation and growth among startups, GVFL aims to drive substantial progress in emerging sectors.

GVFL’s Prarambh Fund marks a significant initiative in India’s startup ecosystem, providing crucial early-stage funding to propel innovation across B2B SaaS, healthtech, agritech, and other tech domains. As GVFL continues to support startups from seed to growth stages, it underscores its commitment to fostering entrepreneurship and driving economic growth through strategic investments.

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