Gujarat Venture Finance Limited(GVFL) has announced the first close of its new seed stage fund, Prarambh Fund at Rs 100 crore. The total fund corpus is Rs 200 crore.
GVFL plans to deploy the funds in 25-30 seed startups in the year. The Prarambh Fund will focus on tech startups in B2B SaaS, health-tech, agritech, climate tech, and deeptech with investment in the range of Rs 1 crore to Rs 3 crore each.
GVFL is an independent, board-managed venture finance company. So far, it has raised nine funds which have supported over 110 companies and has divested from over 75% of portfolio companies providing stellar returns to their investors.
GVFL is providing funds from a co-investment platform named a4X.fund (accelerate for excellence). This platform is designed to support seed-stage companies by offering acceleration services and partnerships with mentors, and industry experts to create their growth roadmap.
In July 2022, Gujarat-based venture capital (VC) firm Gujarat Venture Finance Limited (GVFL) had announced the first close of its ninth fund at Rs 185 crore, which has a total corpus of Rs 500 crore.
