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GVFL’s Prarambh Fund Secures Initial Close at Rs 100 Crore

GVFL funsing

GVFL has announced the successful first close of its latest Seed Stage initiative, the Prarambh Fund, securing Rs 100 crore. The total target for the fund is Rs 200 crore. The Prarambh Fund aims to invest in 25-30 promising seed-stage startups within the next year, focusing on sectors such as B2B SaaS, Health-tech, Agritech, Climate Tech, and Deep-Tech, with individual investments ranging from Rs 1 crore to Rs 3 crore.

GVFL, formerly known as Gujarat Venture Finance Limited, operates as an independent, board-managed venture finance company. Over the years, it has launched nine funds, supporting over 110 companies and exiting more than 75% of its portfolio with excellent returns. The firm specializes in providing venture capital to innovative startups, employing a thorough market and management assessment process. GVFL offers comprehensive support to its funded companies, including strategic guidance and governance.

Kamal Bansal, Managing Director of GVFL, expressed enthusiasm about the first close of Prarambh Fund. He emphasized the fund’s goal to foster innovation across various sectors and provide a seamless funding pathway for startups from seed to growth stages. Bansal highlighted that this capital support for pre-revenue and early-stage startups positions GVFL as a full-spectrum venture capital firm capable of supporting companies through all development stages.

Mihir Joshi, President of GVFL, noted GVFL’s strong track record with early-stage investments, having committed over Rs 150 crore through its Emerging Enterprise Venture Fund in the past 18 months. He stressed that the first close of Prarambh underscores GVFL’s dedication to nurturing startups from inception to maturity, providing essential resources for scaling.

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