Local venture funds drives growth for Gujarat’s startups
- ByStartupStory | May 2, 2022
Locally created venture funds have now been driving the growth of Gujarat Startups, which have been clocking incredible valuations after being funded. Ahmedabad-based accelerator, DevX – which is a sector-agnostic fund, has invested INR 15 crore in nearly 15 startups thus far in the direct-to-consumer brand, fintech, and SAAS sectors.
Amar ventures, a Gujarat-based local venture fund, also made headlines when they invested in over 15 startups in a year. Dholakia Venture, a Venture Capital fund by Savji Dholakia, a major diamantaire from the city of Surat, have also been registered as an investment arm of the Dholakia Family Office to fund startups.
Kettle Borough Venture Capital, based in Ahmedabad, was registered in 2021. Nisarg Shah, a managing partner of the fund, said,” The startup ecosystem in Gujarat is maturing, and it is only wise to fund local entrepreneurs. We have already made investments worth around INR 3 crore since our inception in 2021. By June 2022, we also aim to invest INR 10 crore in startups”
Besides registered VC funds, several successful entrepreneurs and businessmen have also funded startups by enrolling in one or the other angel networks. For instance, Ravi Pathak, who owns Tatvic Analytics and is also registered with an angel fund, said, “While the local economy is maturing, several new generation startups are preparing well in advance and are coming up with innovations in technology and product offerings.” He further added that the quality of companies has also begun to .grow and they are also more willing to adapt to changes
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