GVFL, a leading Ahmedabad-based venture capital firm, announced the first close for its new Seed Stage Fund, Prarambh. The first close was Rs 100 crore. The total fund corpus amounts to Rs 200 crore. GVFL aims at investing the funds in 25-30 promising startups within the year. The Prarambh Fund focuses on tech start-ups that are in B2B SaaS and Health-tech. The Prarambh Fund will invest between Rs. 3 cr each.
GVFL is an independent venture capital company, managed by a board of directors. They have raised nine funds that have supported more than 110 companies. They have also divested from 75% of their portfolio companies, providing stellar returns for their investors. GVFL has been focusing on providing venture capital for innovative start-ups over the last 20 years. Its experienced team performs a detailed evaluation of market viability, management credentials, and provides broad-spectrum assistance to the funded entities from strategic direction to governance.
Kamal Bansal is the Managing Director of GVFL and commented on the first closing. “We are excited to announce the opening of Prarambh Fund. This fund will foster innovation in diverse sectors, as well as create an ecosystem for funding & mentoring young entrepreneurs. Prarambh Fund ensures that startups can access a seamless funding path from seed to growth stage. We believe that by providing capital support to early-stage and pre-revenue startups, GVFL will be positioned as a comprehensive venture-capital firm capable of supporting businesses through all stages of development.
GVFL is committed in adding value beyond capital through a co-investment program named a4X.fund. This platform was designed to help seed-stage companies grow by providing acceleration services, partnerships with mentors and industry experts and creating a growth roadmap.
Mihir Joshuai, President of GVFL,, adds that “GVFL has a track record of investing early-stage companies, and has committed investments in excess of Rs. GVFL President, Mihir Joshi, says “GVFL has a strong track record of investing in early-stage companies and has committed investments of over Rs. The Fund has a total of Rs. The first close of Prarambh is a reflection of our commitment to nurture startups in the early stages of their lives and provide the necessary resources for them to scale up to maturity level.”
This announcement marks a major step in GVFL’s mission to support and grow India’s startup ecosystem. GVFL aims with Prarambh Fund to work closely and collaboratively with incubators and accelerators in order to make a significant impact on the entrepreneurial scene, driving innovation and growth.