Venture Capital firm GVFL announces the first close of the 9th fund at Rs 185 cr
- ByStartupStory | July 7, 2022
GVFL Ltd, a company based in Ahmedabad (formerly known as Gujarat Venture Finance Ltd), announced on Wednesday that the first close of its ninth fund was Rs 185 crore ($23.7 million). The GVFL fund will invest in technology-driven companies in a variety of industries, including edtech, healthtech, agritech, biotech, and consumer business. The fund plans to generate a total corpus of Rs 500 crore.
According to a statement, the venture capital business also seeks to help government programmes like Startup India and Aatmanirbhar Bharat to enhance the entrepreneurial ecosystem. The Securities and Exchange Board of India, a market regulator, has given its clearance to the Category-II alternate investment fund (AIF) (Sebi).
“With tech-driven company models, entrepreneurs are upending established business paradigms in many areas. These business owners are helped by a thriving ecosystem of angel investors and venture capitalists with access to a lot of money. The government has been a strong enabler for the development of the startup ecosystem in the nation. The startup scene has exploded in the previous three years.” According to GVFL, this ecosystem will expand significantly over the next five years.
The eighth fund from GVFL, which focuses on startups, was launched in 2016. The fund made investments in 13 firms, among them Frazzo, Sequretek, Pet Pooja, and Qarmatek. GVFL has thus far funded 96 startups across its nine funds. Pivoting Softwares Pvt Ltd raised $800,000 (about Rs 6 crore) in pre-Series A financing from GVFL Ltd in November 2020. Clientjoy is a client lifecycle software-as-a-service company that Pivoting Softwares Pvt Ltd manages.
Earlier this year, Aroa Ventures, along with GVFL, Udaan, and Dr. Mayur Desai, among others, led an investment round to raise $4.5 million (about Rs 34 crore) for the restaurant platform Petpooja, run by Prayosha Food Services Pvt. Ltd.
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