GVFL, a venture capital firm based in Ahmedabad, has achieved the first close of its new seed-stage fund, Prarambh Fund, at Rs 100 crore. The total fund corpus is Rs 200 crore.
The firm aims to fund 25-30 seed startups this year.
Prarambh Fund will focus on tech startups in B2B SaaS, healthtech, agritech, climate-tech, and deep-tech with an investment of Rs 1 crore to Rs 3 crore each.
“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 Kamal Bansal, Managing Director, GVFL.
GVFL (formerly Gujarat Venture Finance Limited) will also provide a co-investment platform named a4X.fund (accelerate for excellence) to support seed-stage companies with acceleration services and partnerships with mentors and industry experts to create their growth roadmap.
GVFL is an independent, board-managed venture finance company. So far, it has raised nine funds, which have supported over 110 companies and divested from over 75% of portfolio companies.
Edited by Affirunisa Kankudti
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