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.

RELATED READING  World's Largest Education Firm Launches $50 Mn Startup Investment Fund

Source – Times of India

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

Comments

Comments

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

You may also like