startups

Ahmedabad-based GVFL to Invest $14 Mn in Startups Across India

0
Ahmedabad-based GVFL to Invest $14 Mn in Startups Across India

Ahmedabad-based venture finance company, GVFL Limited (formerly Gujarat Venture Finance Limited), announced that it plans to invest 100 crore ( ~ US$14.46 million ) to fund startups across the country.

The investment will be made by December 2020, confirmed CEO of GVFL, Mihir Joshi, while speaking in a event held in Ahmedabad on Wednesday.

Founded in 1990, GVFL has so far raised eight venture capital funds which have supported over 80 companies and have divested from over 75% of portfolio companies. It provides seed financing and early-stage and growth capital to small- and medium-sized companies based in India.

GVFL CEO further said, “The company has already invested in some eight startups. We have already made an investment worth 50 crore over the past year and a half to fund some eight startups based in India. Of these, five startups were based out of Gujarat. The average ticket size of investments made so far ranges from 5-10 crore depending on the fund requirement by these startups,” he added.

GVFL has already made an investment worth 50 crore over the past year and a half to fund some 8 startups in the country and out of this 5 startups were based out of Gujarat. The average ticket size of investments made so far ranges from 5-10 crore depending on the fund requirement by these startups,” 

GVFL has recently invested in Optimized Electrotech Private Limited (OEPL), an electro-optics startup working on indigenously designed, developed and manufactured (IDDM) Surveillance systems. Prior to this,
GVFL contributed in $3.7 million funding round of Sequretek, a Mumbai-based cyber security startup.

Source – Times of India

Like this content? Sign up for our daily newsletter to get latest updates.

Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

India Ranks #2 in Most Number of Fintech Startups Globally

Previous article

India Now has Blockchain Enabled Coffee E-marketplace

Next article

Comments

Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More in startups