GVFL Invests Rs. 100 Crore in 2023: Charts Course for 2024

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In 1990, Gujarat Venture Finance Limited (GVFL), emerged as one of the pioneers of Venture Capital firms in India with the support of the World Bank. The firm went on to be managed by an independent autonomous board. Over the years, GVFL has played a key role in driving innovation and entrepreneurship in India. Leveraging the decades of investment experience, GVFL recently launched the GVFL Prarambh Fund, a seed fund of ₹200 crore exclusively dedicated to supporting technology-enabled start-ups in Gujarat.


The year 2023 was a remarkable highlight for GVPL with close to ₹100 crore being invested in more than 10 start-ups across various sectors. Its commitment to support start-ups from various industries was underlined by its leading a $4M seed funding round in Zero Cow Factory and a $1.2M funding in VideoSDK as reported by Outlook India.

Additionally, the company launched a4XFund, a platform built to support early-stage start-ups, and Xcelerate, a program in collaboration with Marwari Catalyst to support the start-up landscape in Gujarat.

“The entrepreneurs are disrupting traditional business models across the sectors with tech-driven business models. These entrepreneurs are supported by an active angel investors ecosystem and by venture capitalists having a large pool of capital. Government also has been a keen enabler for the growth of startups ecosystem in the country. In the last 3 years, the startup activity has grown exponentially. We believe that in the next 5 years, this ecosystem will grow manifolds,” said GVFL in a statement to VC Circle.

However, GVFL did not stop at investments but ventured into the world of partnership to drive innovation and help support the entrepreneurial world. The company partnered with Brinc to launch an accelerator program for start-ups from a range of sectors such as D2C businesses, Consumer SaaS, Enterprise SaaS, Industrial IoT, Blockchain, AI, Alternate Protein, Climate Tech and Sustainability, and Electric Mobility.

Looking ahead to 2024, GVFL aims to invest ₹100 crore in at least 10 start-ups through the GVFL Emerging Enterprises Fund and deploy ₹60 crore in more than 20 start-ups through the GVFL Prarambh Fund. The funding deals will be disclosed in its angel platform a4x.fund and provide a platform for angel investors and families to co-invest along with the GVFL funds.

“The year 2023 was another excellent year for GVFL despite the overall headwinds due to global factors. We made several strategic investments and also launched collaborative programmes and initiatives during the year in sync with our commitment to driving innovation and nurturing entrepreneurial spirit. Looking forward to 2024, we are excited about the opportunities and partnerships ahead and are confident that we will continue to play a key role in shaping and supporting the startup ecosystem in Gujarat and India.” shared Kamal Bansal, managing director of GVFL.

About GVFL

GVFL is one of the oldest venture capital firms in India and has been a driving force behind the evolution of the start-up landscape in India. Established in 1990 by co-founders Bhagyesh Soneji and Maheshwar Sahu with backing from the World Bank, GVFL has played a crucial role in shaping the entrepreneurial ecosystem.

“GVFL Limited is one of the most experienced Venture Capital firms in India. We invest in start-ups that work on innovation and newer and differentiated business models. Hence, at the idea level or early stage level, there is a risk. The start-up founders have never walked on the journey or its uncharted path for them. Besides capital, they also look for strategic advice, mentorship, and hand-holding among other things. So over a period of three decades, we have floated 9 venture capital Funds, and have invested in over 100 early-stage start-ups.” said Mihir Joshi President of GVFL

Over the last three decades, the Ahmedabad-based firm has persistently demonstrated its dedication to supporting cutting-edge technology and encouraging the growth of early-stage and growth-stage startups across varying sectors. Managed by an independent and autonomous board, the firm has carved a niche for itself by making investments across sectors through various funds.

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