GVFL Commits Rs 100 Crore in Seed-Stage Prarambh Fund to Boost Tech Startups

GVFL announced the first close of Rs 100 crore for its Prarambh seed-stage fund, aiming to invest in 25-30 tech startups. The fund targets B2B SaaS, health tech, agritech, and more, with investments ranging from Rs 1-3 crore each. GVFL has a history of supporting over 110 companies.

In a significant move poised to invigorate the tech startup ecosystem, venture capital firm GVFL announced the first close at Rs 100 crore for its seed-stage fund, Prarambh, on Wednesday.

This Ahmedabad-based firm aims to deploy the funds in 25-30 promising technology startups, focusing on B2B SaaS, health tech, agritech, climate tech, and deep tech sectors. Investments will range from Rs 1-3 crore per startup over the next year.

"Prarambh Fund will ensure the availability of a seamless funding pathway for startups from seed to growth stages," said GVFL Managing Director Kamal Bansal. The first close epitomizes GVFL's commitment to nurturing startups from their inception, with a strategic goal to support companies through all stages of their development.

GVFL, formerly Gujarat Venture Finance Limited, has so far raised nine funds, supporting over 110 companies and exiting from more than 75 per cent of its portfolio. In the last 18 months, it has committed over Rs 150 crore through its Emerging Enterprise Venture Fund, a Rs 500 crore fund.

"The first close of Prarambh reflects our commitment to nurturing startups at the beginning of their life cycle, providing them with the necessary resources to scale to maturity," said GVFL president Mihir Joshi.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)