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
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