The Ahmedabad-based venture firm GVFL announced the first close for its new Seed Stage Fund, Prarambh Fund. 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.
Kamal Bansal said, “We are delighted to announce the first closing of Prarambh Fund. This fund will foster innovation in diverse sectors, and create a funding & mentoring ecosystem for young entrepreneurs.”
Focused on tech startups in diverse sectors
The Prarambh Fund focuses on tech startup in Health, Agritech Climate Tech and B2B SaaS. Investments range from Rs 1 crore up to Rs 3 crore per investment.
“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,” Bansal said.
Focused on providing innovative startups with capital
GVFL is an independent venture finance company, managed by a board of directors. The firm has raised nine funds that have supported more than 110 companies. They have also divested from over 75 percent of their portfolio companies.
Over the past two decades, the firm has focused on providing venture capital to innovative startup companies.
GVFL stated that its experienced team performs a detailed evaluation of market viability, management credentials, and provides broad-spectrum assistance to the funded entities ranging anywhere from strategic direction to governance.
Providing co-investment platform
The VC firm stated that it is committed to delivering value beyond capital through a co-investment program named a4X.fund.
The platform was designed to help seed-stage businesses by offering acceleration services, partnerships with mentors and industry experts and creating their growth roadmap.
“GVFL has a proven track record in investing in early-stage businesses and has committed over Rs. “GVFL has a strong track record of investing in early-stage companies and has committed investments of over Rs. The Fund has a 500 crore limit. The first close of Prarambh reflects GVFL’s commitment to nurture startups in the early stages of their lifecycle and provide them the necessary resources to scale up to maturity level”, said Mihir Joshi.