GVFL Leads $3M Investment in Antier Solutions to Scale Enterprise Blockchain Infrastructure

India’s pioneer venture capital firm GVFL has led a $3 million investment in Antier Solutions Pvt. Ltd., marking a strategic investment in enterprise blockchain infrastructure as adoption expands across government systems, financial institutions, and enterprise workflows.

Antier’s first institutional capital after over a decade of bootstrapped growth. It comes at a time when blockchain is increasingly being evaluated as a foundational layer for digital trust, verification, and financial infrastructure, particularly across public sector and BFSI use cases.

Founded by Vikram R. Singh, Antier Solutions is an enterprise blockchain engineering firm focused on building infrastructure for secure transactions, verifiable workflows, and institutional-grade applications. Headquartered in Mohali, the company operates with a team of over 600 specialists and has delivered over 1,000 projects across enterprises, startups, and government institutions globally.

The company’s leadership team also includes Ashish Pareekh, Chief Financial Officer at Antier Solutions Pvt. Ltd., who is overseeing the company’s financial strategy and institutional growth roadmap following the investment.

Its flagship platform, EduBlock Pro, is a blockchain-based examination management system designed to enable tamper-proof processes and auditability, and is deployed in government recruitment exams, including with the Punjab State AIDS Control Society.

The company also develops blockchain-based financial infrastructure through its Programmable Money Infrastructure platform, supporting use cases such as tokenisation, digital asset management, and institutional financial workflows.

Commenting on the investment, Mihir Joshi, Managing Director at GVFL, said, “Enterprise adoption of blockchain is moving into real-world use cases across governance systems and financial infrastructure. We see strong potential in platforms that can deliver verifiable, secure, and scalable systems for institutional deployment, and Antier Solutions is well positioned in this space.”

Vikram R. Singh, Founder of Antier Solutions Pvt. Ltd., said, “This investment marks an important milestone in our journey as we transition from a bootstrapped organisation to one backed by institutional capital. Our focus remains on building trusted digital infrastructure for governments, financial institutions, and enterprises at scale.”

The capital will be used to scale Antier’s platform offerings, expand deployments across government and BFSI sectors, and strengthen its presence in key international markets, including the United States, MENA, and Asia-Pacific.

GVFL Leads ₹13.3 Crore Funding in Surat’s Canvaloop, Turning Farm Waste into Textiles

GVFL, Gujarat’s pioneer venture capital firm, has announced a lead investment of ₹10 crore in the Rs 13.3 crore fund flow into Canvaloop, the Surat-based innovating textile startup that converts agricultural waste into high-performance textile material. The remaining Rs 3.3 crore has been pumped in by Mumbai-based Rockstud Capital.

Canvaloop, founded in 2020 by Shreyans Kokra, addresses textile pollution by transforming crop residues into spinnable material, including HempLoop, FlaxLoop, BanLoop, NettleLoop, and PineLoop. Engineered for ‘adoption-first’ compatibility with existing mills, these materials ensure seamless sustainability.

The fresh capital of Rs 13.3 crore will drive growth by boosting production from 30 tonnes to 300 tonnes per month, assembling an elite team, and pioneering regenerative cellulose R&D. It will accelerate Canvaloop’s mission to transform the textile industry’s sustainability landscape, making eco-friendly materials mainstream and commercially viable.

GVFL Managing Director Mihir Joshi emphasized the strategic fit: "Canvaloop exemplifies the scalable innovation Gujarat startups are delivering in deep-tech sustainability. With its founder, Shreyans Kokra’s vision, we are excited to fuel their journey from a local waste-to-fiber pioneer to a global supply chain backbone. This investment aligns with GVFL’s commitment to high-impact ventures driving environmental and economic value.”

On the investment of Rs 3.3 crore, Abhishek Agarwal, Managing Partner at Rockstud Capital, said: “India’s manufacturing future will be shaped by founders rethinking materials and supply chains. Canvaloop’s ability to convert agricultural waste into textile-grade materials shows how sustainability and industrial innovation can go hand in hand. We think such solutions are vital for the shift to circular manufacturing in global supply chains.”

Canvaloop founder Shreyans Kokra said,

GVFL’s lead investment, along with the money from Rockstud Capital, supercharges our vision. It proves sustainable textile material can be practical and profitable.

According to Kokra, the textile and fashion industry’s path to net zero is increasingly being shaped by raw material choices, and there is a focus on cutting greenhouse-gas emissions from fiber and raw material production by 45% by 2030. “This is exactly where Canvaloop aligns with the focus. He stated, "We transform agricultural waste into textile-grade materials and yarns using proprietary low-impact technology. Our climate-friendly, closed-loop process eliminates the use of solvents, recycles water, and utilises bio-waste as a heat source."

Canvaloop has served 200+ clients, generated revenue, and validated commercial viability. It targets mass-premium/luxury segments with proprietary processing for consistent, cost-effective quality. Over the next 6-12 months, the startup aims for 10x production, new launches, and a path to global wardrobe presence in seven years.

GVFL Leads ₹36 Crore Funding in Aditi Toys to Boost India’s Toy Manufacturing

GVFL, one of India’s pioneering venture capital firms, has led a Rs 36 crore funding round in Aditi Toys Pvt. Ltd. This reaffirms GVFL’s focus on backing high-potential manufacturing and consumer brands from India.

The round, which also drew participation from family and friends of the founders, will support Aditi Toys’ next phase of growth, focusing on product innovation and market expansion across India and key global markets.

Founded in 2015 by Subhash Zala and Arvind Zala in Rajkot, Aditi Toys has evolved from a small partnership firm into a fully integrated toy manufacturer with one of India’s largest toy facilities under a single roof. The company designs and manufactures plastic, die-cast, electric, STEM, silicone, wooden, and ride-on toys, with a strong focus on safety, innovation, and smart learning.

Aditi Toys, Rajkot Factory

Aditi Toys currently serves over 150 distributors and 15,000 retailers, with presence across general trade, modern trade, e-commerce, and its own D2C channels under its flagship brand ‘Chanak – The Smartest Kid’.

“Aditi Toys has demonstrated strong execution in integrated manufacturing, quality, and distribution, and we believe the company is well-positioned to become a leading Indian toy brand in the premium segment while reducing the country’s dependence on imported toys,” said Mihir Joshi, managing director of GVFL.

The company founders, Subhash Zala and Arvind Zala, stated: “The investment by GVFL validates our ten-year commitment to developing world-class infrastructure and distribution. Now, we look forward to accelerating innovation in premium and export categories while reducing India’s reliance on imported toys.”

GVFL Backs insideFPV with ₹6 Crore Funding to Scale Indigenous Defence Drone Technology

GVFL, one of India’s pioneering venture capital firms, has led a Rs. 6 crore Pre-series A funding round in insideFPV, an indigenous defence drone technology startup, demonstrating its focus on backing high-impact, homegrown deep-tech ventures in the national security space.

The early-stage funding round is aimed at product development and capability building. It has enabled insideFPV to deepen its core engineering work, strengthen manufacturing readiness and advance its defence drone platforms, with a strong emphasis on reliability and operational performance in real-world battlefield conditions.

A significant portion of the capital is being invested in strengthening insideFPV’s core platforms, including FPV drones, kamikaze and surveillance systems, and interceptor drones. The startup is also expanding manufacturing capacity and building working capital to prepare its production lines for higher volumes while maintaining defence-grade consistency. Investment is also being made in rigorous testing and validation to ensure performance during demanding operating conditions, as well as deployment support such as FPV drone operator training, spares and rapid repair capabilities to ensure sustained field readiness.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “insideFPV represents the kind of deep-tech, mission-driven entrepreneurship that India urgently needs in the defence space. The team has demonstrated a clear understanding of real operational requirements and has built strong in-house Tech capabilities We are pleased to support insideFPV as it scales indigenous and reliable drone platforms for national security.”

Founded in 2020 in the aftermath of the Galwan clash, insideFPV was established to address the critical lack of reliable, combat-ready, indigenous drone systems in India’s defence ecosystem. The company focuses on building battlefield-first drones designed to perform under pressure, rather than lab prototypes. Its platforms have already demonstrated performance in extreme environments, including high-altitude operations with the Indian Army. insideFPV was also the winner of the Him Dron-a-thon, a high-altitude drone competition organised by the Indian Army at an altitude of approximately 16,000–17,000 feet at Wari La Pass in Ladakh.

Arth Chowdhary, Co-Founder and CEO of insideFPV, said, “GVFL’s backing is a strong vote of confidence in our vision to build drones that actually work in real combat situations. This funding allows us to accelerate product development, scale our manufacturing readiness and ensure our platforms remain mission-ready. Our focus has always been to build trusted defence drones that soldiers can depend on when it matters most.”

With this fundraise, insideFPV plans to scale production and strengthen its product portfolio over the next 12 months. Over the next three to five years, it aims to emerge as a globally recognised Indian deep-tech defence drone manufacturer serving domestic and allied forces. The other Co-founders of insideFPV are Deyvant Bhardwaj, who serves as CTO, and Oshi Kumari (COO).

GVFL Leads $12M Funding in Soleos Solar to Drive Global Renewable Expansion

(L-R) Dhruvil Soni - Investment Associate GVFL, Saurabh Nair - SVP GVFL, Mihir Joshi - MD GVFL, Bhavesh Rathod - CEO Soleos, Pritesh Mehta - CFO – Soleos

GVFL, one of India’s pioneering venture capital firms, has led a $12 Million funding round in Soleos Solar Energy, a rapidly growing renewable energy solutions and EPC service provider with a presence across India, Africa, and Europe. GVFL invested $2.5 Million in the round, which also saw participation from Tipsons Group, Navin Dalmia, and select family offices, along with increased commitments from several existing investors.

Founded by Bhavesh Rathod in 2017, Soleos operates an integrated platform that combines project development, consumer sourcing, investor onboarding, capital structuring, EPC delivery, and long-term asset management under a single system. The model reduces development, execution, performance, financial, and scalability risks that typically slow down the expansion of renewable energy infrastructure. Over the last eight years, the company has delivered projects in India, Ghana, Uganda, and Portugal, developed solar parks, executed smart city programmes, and built a portfolio of consumer-led energy solutions that support both commercial and industrial demand.

The newly raised capital will be deployed towards expanding Soleos’ development pipeline, funding construction across priority geographies, strengthening investor governance systems, scaling group-captive and other consumer-led energy models, and building integrated solar-plus-storage capability. The company recently began manufacturing in-house battery energy storage systems. The latest fundraise is expected to support its transition from primarily a solar execution specialist to becoming a round-the-clock renewable solutions provider.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “Soleos has built a robust platform that addresses the structural gaps in renewable infrastructure creation. Its integrated approach across development, execution, and long-term performance provides clarity and confidence for investors, which is essential for scaling clean energy. We believe the company is well placed to play a key role in India’s energy transition and expand its presence internationally.”

Bhavesh Rathod, Founder of Soleos, said, “From the beginning, our mission has been to bridge both the energy gap and the investment gap through reliable, investor-grade renewable infrastructure. This successful fundraise strengthens our ability to build ready-to-deploy assets, expand our consumer and investor networks, and accelerate our move into round-the-clock renewable capability. The participation of GVFL and other premier investors is an important validation of our approach and long-term institutional focus.”

Soleos plans to expand its footprint across India and selected international markets over the next year. It aims to build storage-led, grid-supportive solutions that support peak-demand management and commercially efficient renewable supply. In the long run, Soleos envisions evolving into a global platform known for consistent execution and dependable energy delivery.

GVFL and Malpani Ventures Back DOCO’s Tech-Driven Rural Distribution Model with ₹4.5 Cr Funding

GVFL, one of India's pioneering venture capital firms, has led a Rs. 4.50 crore pre-seed funding round in rural distribution platform DOCO (Distrisy Technologies), alongside Malpani Ventures. The round also saw participation from existing investor Kunwar Asheesh Saxena, Ex-Cofounder and CTO of RedDoorz, and other angel investors.

Founded in 2023 by Jitendra Yadav and Nishant Agarwal, DOCO operates as a Rural Distribution-as-a-Service (Rural DaaS) platform. It enables fast-moving consumer goods (FMCG) brands to efficiently reach rural and semi-urban markets through a tech-driven network of dark stores and local partners, helping bridge the last-mile distribution gap across emerging India.

DOCO's platform combines technology-led supply chain management with on-ground execution by trained last-mile delivery partners, offering brands a lean, cost-efficient, and scalable way to expand rapidly into underserved regions. The company currently runs ten dark stores, serving over 5,000 retailers across western Uttar Pradesh, and works with more than 15 FMCG brands, including Bikano, Jabsons, Yellow Diamond, and Kingfisher.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said,

DOCO has built a technology-enabled and transparent model that addresses inefficient rural distribution, which is one of the most persistent challenges in the FMCG space. Its approach of integrating grassroots entrepreneurship with digital infrastructure positions it well to capture the growing consumption potential across India. We are pleased to partner with DOCO at this early stage and support its next phase of expansion.

Druv Sane, Principal at Malpani Ventures, said, “At Malpani Ventures, we are bullish on innovative solutions that solve problems for Bharat. We are pleased to partner with the team at DOCO as they solve the challenge of last mile distribution in rural markets with a tech-enabled platform and bringing on board local partners.”

The newly raised funds will be deployed to strengthen DOCO's technology platform, expand its dark store network, enhance its presence in rural clusters, and build operational capabilities to serve a wider base of FMCG brands and rural retailers. Over the next 12 months, the company aims to grow its footprint to 25 dark stores and reach more than 25,000 retailers. In the long run, DOCO envisions becoming the leading rural distribution platform in India, connecting hundreds of FMCG brands with millions of rural retailers and empowering thousands of partners.

Jitendra Yadav, CEO of DOCO, said, “The successful closure of the pre-seed round is a strong validation of our vision to modernise rural distribution and enable FMCG brands to scale faster. With GVFL and Malpani Ventures as our partners, we aim to accelerate expansion, enhance our technology stack, and empower local youth to drive inclusive market.”

GVFL’s investment in DOCO aligns with its focus on supporting innovative, technology-driven enterprises that are solving large-scale problems across emerging sectors of the Indian economy.

Surgical Navigation Tech Startup HRS Navigation Raises $5 Mn in Pre Series A Led by GVFL , Physis and Sathguru Catalysers

(L-R) Arpit Paliwal and Shweta Paliwal, Co-founders, HRS Navigation

• Round also saw participation from India EXIM Bank and KITVEN
• Funds raised to be used to accelerate product innovation, global market expansion and scale manufacturing of advanced next gen navigation.

HRS Navigation, a fast-growing Indian medtech company, has raised $5 million in a Pre-Series A funding round backed by GVFL, Physis Capital, Sathguru Catalysers, India EXIM Bank and KITVEN.

Funds raised will be used to accelerate product innovation, global market expansion, enabling HRS to scale manufacturing and advance next-generation navigation.

“Our mission is to make advanced surgical navigation accessible to every hospital and surgeon, so that patients across India and beyond can benefit from precision surgery,” said Arpit Paliwal, Founder and Director of HRS Navigation. “With this investment, we are not only strengthening our ability to innovate and expand internationally but also showcasing India’s capability to develop world-class medtech solutions.”

Founded by Arpit Paliwal and Shweta Paliwal, HRS Navigation has rapidly emerged as India’s leading surgical navigation companies in a segment traditionally dominated by global MedTech giants. The company designs and manufactures cutting-edge surgical navigation systems — truly Made in India made for the world — that empower surgeons to perform complex cranial, spine & ENT surgeries with world class precision and reliability.

At the heart of its innovation is the easyNav™ platform, India’s first navigation system that integrates seamlessly with existing operating room infrastructure. By enabling hospitals to adopt advanced navigation technology, easyNav™ has made surgical navigation accessible for both smaller & bigger hospitals. The platform has supported over 20,000 surgeries, helping surgeons perform procedures with enhanced accuracy and confidence.

“HRS Navigation exemplifies the kind of deep-tech, impact-driven innovation that is shaping the future of Indian medtech,” said Mihir Joshi, Managing Director of GVFL. “By building globally competitive navigation platforms, HRS is helping India emerge as a reliable exporter of high-end surgical technologies while improving access to precision surgery across the country.”

Surgical navigation technology provides real-time guidance to surgeons during procedures, improving the precision of implant placement and anatomical targeting. For patients, this translates to a more controlled surgical process, reduced risk of complications, and greater confidence in the treatment outcome.

Vinay Bansal, Partner at Physis Capital, said, “HRS Navigation exemplifies the innovation edge emerging from India — globally competitive technology, engineered with smart design and efficiency, solving critical healthcare challenges. We’re excited to partner with a team that’s building scalable Medtech from India for the world.”

“What truly excites us is the relevance of the HRS platform in improving health outcomes and making healthcare accessible, not only in the fast-growing Indian market but also in its potential to transform healthcare in other low- and middle-income countries (LMICs),” said Vijayaraghavan Kannan, Partner at Sathguru Catalysers.

With a growing portfolio spanning neurosurgery, spine & ENT, HRS Navigation continues to redefine indigenous innovation — reinforcing India’s position as a global hub for advanced medtech.

MidasCap was the exclusive transaction advisor to HRS Navigation for its $5mn Pre- Series A fundraise.

About HRS Navigation

HRS Navigation is a Bengaluru-based, R&D-driven medtech company pioneering India’s first domestically developed surgical navigation systems for cranial, spine, and ENT procedures. The company blends deep engineering expertise in navigation technology with a strong innovation mindset to create high-precision platforms that make advanced image-guided surgery more accessible and affordable.

With a strong focus on indigenous innovation, HRS Navigation designs and manufactures its technologies entirely in India, aligning with the nation’s “Make in India for the World” vision. Each product is designed to address the unique needs of the Indian healthcare ecosystem while upholding the highest global standards of precision and reliability. Its commitment to in-house software development and universal compatibility has enabled seamless integration of navigation technology across a wide range of hospitals, from metros to tier-3 cities.

Recognized with multiple national, international, and state-level awards for innovation and excellence, HRS Navigation continues to redefine India’s medtech landscape. The company’s work embodies its mission to democratize precision surgery and establish India as a global hub for world-class surgical technology.

Beauty Appliance Brand Protouch Raises $2 Million in Pre-series A Round Led by GVFL

(L-R) Saurabh Nair, Mihir Joshi - MD GVFL, Tanisha Lakhani - Founder Protouch, Dhruvil Soni

Protouch, an emerging Indian beauty appliance brand, has raised $2 million in its Pre-Series A funding round led by GVFL, the pioneer of venture capital in India. Enrission India Capital and Anicut Capital also participated in the round, valuing the company at $10 million.

Founded in 2022 by Tanisha Lakhani, Protouch operates in the fast-growing beauty and personal care appliance segment, offering high-tech yet accessible solutions across haircare, skincare, and grooming. The brand aims to bridge the gap between professional salon treatments and at-home convenience through smart, technology-driven devices.

Protouch’s products are positioned between mass-market low-quality products and premium, high-priced international devices. Its portfolio includes India’s first automatic hair multi-styler powered by Coanda Airflow Technology, the country’s first clinically tested LED-based beauty devices for skin and hair, and a dual-sided trimmer with a ceramic trimming edge. Protouch's products are designed and engineered specifically for Indian hair, skin, and climate conditions, ensuring both performance and longevity.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “Protouch is addressing a clear and growing opportunity in India’s beauty-tech segment. The brand combines product innovation, design, and consumer insight to bring professional-grade results into homes. We believe Protouch is well-positioned to become a category leader as the demand for high-quality, technology-enabled beauty solutions continues to rise.”

Protouch has already served over 2 lakh customers across India and has also expanded into the Middle East market. It has recorded 15x revenue growth in 30 months while remaining profitable.

The latest fundraise will support the expansion of the product portfolio, boost research & development and innovation, and strengthen online and offline retail expansion. Protouch also plans to introduce new products in the haircare and skincare categories and establish a manufacturing unit over the next few years.

Tanisha Lakhani, Founder of Protouch, said,

Consumers are seeking smarter, faster, and more effective beauty solutions. At Protouch, we are committed to simplifying beauty through innovation and functionality. This investment from GVFL and other partners will help us accelerate our mission to make professional-quality beauty devices accessible to every household.

Protouch is targeting further category expansion and aims to establish itself as a household beauty appliance brand within the next three to five years.

GVFL Backs Biokraft’s Vision for Ethical Protein with ₹2 Cr Bet on 3D Bioprinting Breakthrough

GVFL, one of India’s pioneering venture capital firms, has invested Rs. 2 crore in a pre-seed round in Biokraft Foods, a next-generation food-tech startup developing structured cultivated meat using cutting-edge biotechnology and 3D bioprinting.

Founded in 2023 by Kamalnayan Tibrewal, an alumnus of the Institute of Chemical Technology Mumbai, Biokraft Foods aims to redefine how meat is produced and consumed. The startup is developing India’s first sustainable, slaughter-free, high-quality cultivated meat products using cutting-edge 3D bioprinting technology. For consumers, this means the same taste and experience as conventional meat, a breakthrough in the country’s alt-protein space.

Biokraft Foods, which has previously received support and grants from leading incubators iCREATE, SPTBI, and ICT-NICE, has adopted a hybrid approach that combines cultivated meat with food-safe ingredients, improving affordability, texture, and scalability. The company aims to be the first company to commercialize cultivated meat in India and has conducted over 400 consumer trials with positive feedback.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “Biokraft Foods is at the forefront of a paradigm shift in the protein ecosystem. Their science-led approach to cultivated meat aligns with GVFL’s focus on backing disruptive technologies with societal impact. We are thrilled to support Biokraft’s vision of ethical and affordable food solutions.”

Kamalnayan Tibrewal, Founder & CEO of Biokraft Foods, said, “Our mission is to leverage biotechnology to craft sustainable food solutions by addressing issues such as climate impact, animal welfare concerns, and inefficiencies of conventional meat production. In the next three to five years, our goal is to make cultivated meat affordable and accessible starting with India and expanding to APAC region. GVFL’s backing is a strong validation of our science, strategy, and vision, and with its support, we are one step closer to bringing real, ethical meat to consumers.”

Biokraft Foods’ products are targeted at consumers who want sustainable choices without sacrificing taste, as well as food manufacturers, restaurants, and retailers looking to overcome the inefficiency of conventional meat and introduce next-generation proteins. Its future product pipeline comprises cultivated seafood and pet food applications using cultivated meat.

The cultivated meat sector is gaining global momentum with regulatory approvals in the US, Singapore, and Israel. In India, the cultivated meat segment is still nascent, but Biokraft Foods is emerging as a first-mover.

QRL Bioscience Secures ₹3 Crore from GVFL to Advance Regenerative Therapies for Chronic Diseases

QRL Bioscience, a cutting-edge biotechnology company dedicated to developing personalised, cell-based therapies for chronic degenerative diseases, has raised Rs. 3 crore in its latest funding round from GVFL, one of India’s pioneering venture capital firms.

QRL Bioscience was founded by Dr. Senthilkumar Natesan, a virologist specializing in HIV, immunology, and cell therapy; Mr. Sanjoy Bhagat, a seasoned business leader with over 20 years’ experience and an MBA from IIM Ahmedabad; and Dr. Kranti Vora, master’s in public health (MPH) from Johns Hopkins University, USA and PhD from University of Maryland, College Park, USA. Together, they combine deep scientific expertise with strong business acumen to advance innovative healthcare solutions.

Founded initially with a vision to transform the treatment of Diabetic Foot Ulcers (DFU) and Osteoarthritis, QRL Bioscience is spearheading a new era of regenerative medicine in India. The fresh capital infusion from GVFL will be utilised to accelerate the clinical trial phase of its DFU therapy and support the preclinical development of its osteoarthritis treatment.

Speaking on the investment, Mr. Mihir Joshi, Managing Director of GVFL, said, “QRL Bioscience is a perfect example of the innovation and scientific rigour that GVFL is committed to supporting. Its living-cell based therapeutic platform has immense potential to address significant unmet medical needs, both in India and globally. We are excited to partner with QRL as it leads the way in pioneering personalised regenerative medicine.”

QRL previously raised a seed fund from Tie India Angel investors.

QRL Bioscience plans to deploy the capital strategically over the next 22 months. The majority of the funds will support the ongoing DFU clinical trial, while the remainder will be allocated to advancing the osteoarthritis treatment product, including formulation development and regulatory preparations.

Dr. Senthil Natesan, co-founder of QRL Bioscience, said, “We are building an Indian company with a global vision by creating truly novel solutions to improve human health worldwide. Our pioneering personalized medicine using living cell-based therapies will address long-standing health challenges. This funding will bring our DFU product closer to market readiness and advance our osteoarthritis therapy to its next major milestone. We are grateful for the confidence GVFL has placed in us and look forward to welcoming additional strategic partners in this round.”

QRL Bioscience has made significant progress since its last funding round. These include initiating clinical groundwork for DFU therapy and achieving key research milestones in osteoarthritis treatment. The company has also laid a strong foundation for market readiness by engaging doctors, identifying distribution channels, and strengthening its supply chain capabilities.

The company is also exploring co-development and co-marketing partnerships in the orthopaedic space to accelerate its go-to-market strategy.

GVFL Leads ₹4 Crore Seed Round in Genexis Biotech to Scale Animal-Origin-Free Protein Manufacturing

GVFL, the pioneer of venture capital in India, led the Rs. 4 crore seed funding round in Vadodara-based Genexis Biotech, a next-generation bio-manufacturing company focused on animal-origin-free recombinant proteins. Benzai10 also participated in the funding round.

Founders

Genexis Biotech will utilise the capital to expand its bioreactor capacity, build downstream processing infrastructure, and launch a new line of smart proteins and recombinant peptidase enzymes. It will also use the funds to strengthen quality control, regulatory compliance, and expand its sales and distribution channels.

Speaking on the investment, Mihir Joshi, Managing Director of GVFL, said, “Genexis is solving a critical gap in India’s biotech value chain by enabling high-quality, animal-origin-free protein production at scale. The company’s R&D strength, infrastructure, and early traction position it well to serve a growing demand across biopharma, food-tech, and life sciences. We are pleased to support Genexis in this transformative journey.”

In the past 12 months, Genexis has developed a range of recombinant growth factors, peptidases, and cell culture reagents. It has established strategic partnerships with pharmaceutical companies, biotech startups, and research laboratories. The company’s certified Class 10,000 manufacturing facility is now operational, with plans underway for a GMP-compliant unit.

Vipul Kumar, Director at Genexis Biotech, said, “At Genexis Biotech, we are building India’s deep-tech backbone for animal-origin-free protein production. The seed round marks a key milestone in our journey and will accelerate our path to scale, enabling sustainable innovation across healthcare, food, and bio-industrial sectors.”

Genexis Biotech recently introduced recombinant peptidases such as amino peptidase and enterokinase, and is preparing to launch recombinant transferrin and albumin. Genexis also signed an MoU with the Gujarat government for scaling up recombinant protein manufacturing and showcased its portfolio at Global Bio-India 2024. It has secured multiple clients and has received orders for alternative protein formulation projects.

In the next phase of growth, Genexis Biotech aims to enter the regulated biotech export market, form strategic collaborations with Contract Development and Manufacturing Organisations (CDMOs), academic labs and biopharma companies. Its plans also include developing encapsulated growth factor formulations for the cosmetics industry.

About GVFL: GVFL is an Ahmedabad, Gujarat based Venture Capital Fund. With over 150+ total investments and 90+ successful exits, It has been instrumental in nurturing and scaling innovative startups across various sectors. GVFL has a diverse portfolio, investing in sectors such as agritech, healthtech, fintech, deep tech, clean tech, defense tech, enterprise tech, and consumer brands.

About Genexis Biotech: Genexis Biotech is a pioneering bio-manufacturing company developing high-quality, animal-origin-free proteins using recombinant technology and precision fermentation. With a robust in-house R&D and ISO-compliant infrastructure, the company serves key sectors like biopharma, regenerative medicine, cell culture media, and cultivated meat. Genexis aims to democratise access to safe, ethical, and scalable biomolecules while contributing to a greener and self-reliant biotech ecosystem.

GVFL Backs DCGPAC's Sustainable Packaging Push with ₹15 Crore Pre-Series A Investment

GVFL, India’s pioneering venture capital firm, has led a Rs. 15 crore pre-Series A round in DCG Tech Limited, a leading B2B platform for packaging, warehouse solutions, and procurement. GVFL has invested Rs. 10 crores in the round, while Auxano Capital and the promoters have participated in the investment round.

Founded in 2005 by logistics veterans Suresh Bansal and Subhasish Chakraborty, DCG Tech (trade name: DCGPAC) was founded to address the packaging needs of MSMEs, e-commerce and quick-commerce brands by offering them a one-stop, cost-effective solution. With over 60,000 customers and 750 million packaging products delivered, the company has established a strong presence through eight fulfilment centres, six sales offices, and a Design and Innovation Centre. It also has a subsidiary in Dubai.

DCGPAC offers a tech-enabled, end-to-end procurement and distribution platform that provides over 10,000 SKUs across 78 categories. It delivers packaging and warehouse products nationwide. The firm’s solutions, such as Design to Distribution, Packaging as a Service, EcoPac for Sustainable Packaging, and the ProPac Platform, aim to bring efficiency and cost-effectiveness to businesses of all sizes.

The newly raised capital will be utilised to accelerate growth, enhance platform technology, and expand international operations. DCGPAC also plans to introduce innovative models such as RePac for reusable packaging to support circular economy and warehouse products.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “We see a huge potential in DCGPAC’s mission to revolutionise packaging supply chain in India through a robust technology platform and deep supply chain integration. It has already carved a niche in the segment. We are confident that its pan-India reach, strong leadership, and customer-centric innovations make it ideally positioned to become a market leader in this fast-growing segment.”

Suresh Bansal, Founder and CEO of DCGpac

Suresh Bansal, Founder and CEO of DCGpac, said, “This funding round marks a strategic milestone in our journey. With the backing of GVFL and other investors, and our roadmap of smart manufacturing, AI-based technology, and sustainable packaging solutions, we are poised to lead the next phase of growth in the B2B commerce space. Our goal is to become India’s most preferred packaging and commerce platform for businesses. This funding will go a long way in helping us achieve our target of 10x growth in the next five years.”

DCGpac had earlier raised funds in its first seed round from marquee investors, including Haldiram’s and Saudi Arabia-based Zajil. Angel networks like IPV, VCATS and 9Unicorns were among the investors. With the latest round, the company is set to scale operations, launch new services, and accelerate its growth.

Pet Grooming Brand Zoivane Pets Raises INR 5 Crores in Seed Round led by GVFL, Ahmedabad

The startup intends to utilise the funds on product development, increasing quality work force and marketing.

Zoivane Pets, a Gujarat-based pet training and grooming brand, announced that it has raised 5 crores in a seed round led by GVFL, Ahmedabad. This brings the startup’s total funding to Rs. 5.54 crore to date. The startup is backed by We Founder Circle and notable angel investors including Hitesh Dhawan (Founder of Neuronimbus), Dhrumil Patel, Joy Gnanamony and Abhishek Gupta (CEO, APAC & Middle East of Turbotic) in its previous round. Zoivane Pets intends to utilize the funds primarily on product development, increasing quality work force and marketing its various product lines to spread knowledge about them.

The exponential rise in pet ownership during and after the Covid-19 pandemic has elevated demand for pet grooming and health services, creating opportunities for startups like Zoivane Pets seeking to disrupt the pet wellness space. Founded in 2019 by Mrs. Nishma Singhal who is a masters in cosmetics and perfumery from ISIPCA, PARIS and Mr. Kshitij Singhal with an extensive experience in F&B, entertainment and textile industry the brand aims to address the needs of first-time pet owners by facilitating pet training products and grooming products across India.

Zoivane’s unique training range includes patent formulations such as Potty Training Spray, Stay Away Spray, Pets Stain & Odour Remover and others that aid in the easy integration of pets into pet parents’ lives. The brand’s grooming collection features problem-solving shampoos for dandruff, itching, dryness, and hair fall, among other things. The grooming line comes with the goodness of natural active ingredients such as tea tree oil, vitamin E, hydrolyzed wheat protein, milk protein, multivitamins, and so on. Additionally, the product portfolio has procured customized fragrances from Europe certified perfume, which makes the product fragrances unique, long lasting in comparison to what other market participants have to offer.

 

Nishma Singhal, Co-founder of Zoivane Pets

On raising the fund Nishma Singhal, Co-founder of Zoivane Pets affirmed, “In the recent past, Zoivane Pets has dominated the Indian pet care industry. We were able to introduce products that filled gaps in the market and created new categories. By integrating our industry expertise, we seek to become a permanent part of people's lives as pet parenting partners.”

The faith that pet parents people have demonstrated in Zoivane Pets primarily increased our confidence in raising funds and expanding our portfolio. I’m extremely proud of what we’ve accomplished at Zoivane and appreciate listening from pet families who have noticed and experienced benefits in their furry family member from our natural products.” Nishma added.

On the Investment, Mr Mihir Joshi, President, GVFL said “This was in line with its strategy of investing in start-ups that continuously innovate through R&D and Zoivane Pets is a perfect example of that. Zoivane Pet is an emerging brand that has launched a number of innovative products in an affordable range for Pet care and we envision to penetrate the market together.

Before starting Zoivane Pets, Nishma worked with notable brands like Lakme Lever, BASF, Dusseldorf, Ayur International, Greenland Pharma & Naturich, a company based in the United States in research and development department

Under Nishma’s leadership, the brand claims to manufacture pet training products as well as grooming products in India. The brand is selling through Offline and Online channels and have sold over more than 50,000 units of products till date. It has a presence in nearly 500 retail stores in 25 states and 300 plus cities. Brand has the wide presence on online stores such as Amazon, Flipkart, Nykaa, Myntra, and Meesho etc.

About Zoivane Pets

We, at Zoivane Pets believe in addressing everyday pet parent problems. The basis of our products has always been to make pet parents and pets life easier. Which is why the Potty-Training Spray, Stay Away Spray & the Odour Removal Spray are our flagship products.

We truly believe that a pet should be a celebration, not a burden in any family's life. Because....Happy Pets, Happy Us. To know more please visit https://www.zoivanepets.com

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

India Funding : Uolo Gets Seed Funding; Drishti Bags Funding from Nandan Nilekani; Schedulers Logistics Closes Series B Round & More

Student education tracking app Uolo has raised $210,000 (around Rs 1.4 crore) in seed funding; Infosys co-founder Nandan Nilekani has invested an undisclosed amount in Bangalore-based Drishti; micro finance company Annapurna has raised Rs 35 crore equity infusion; education and skill development firm, Rise India has acquired a majority stake in tutor aggregator Padhopadhao.com; Gujarat-based venture fund, GVFL Ltd has invested Rs 40 crore in Schedulers Logistics India Pvt Ltd. and Mobikon has acquired MassBlurb, an automated online marketing platform for restaurants.

Student Education Tracking App Uolo Raises Seed Funding from Purvi Ventures

Uolo Technology Pvt. Ltd. backed student education tracking app Uolo has raised $210,000 (around Rs 1.4 crore) in seed funding. The funding was led by Purvi Ventures, Sunstone Business School director Rajul Garg and Vipin Arora, compensation director-Asia Pacific of Honeywell India.

Other investors who participated in this round include Exponentially I Mobility LLP and Artieca Family Trust. Six individuals also participated in the funding round. The deal was closed in February this year, as reported by VCCircle.

The funds will be used by the firm to upgrade the tech infrastructure, and on-board more schools.

Drishti Secures Funding from Billionaire Nandan Nilekani

Infosys co-founder Nandan Nilekani has invested an undisclosed amount in Bangalore-based Drishti, an eye care chain focused on providing affordable treatment in underserved markets.

With this new funding, Drishti will expand its reach to six more districts in Karnataka in the next phase of expansion, as per ETTech report. The latest funding in Drishti will mark the ninth venture that has been backed by Nilekani, who has actively invested in early-stage startups in the recent months.

Micro Finance Company Annapurna Raises Rs 35 Cr from Oikocredit

Bhuvaneshwar based micro finance company Annapurna has raised Rs 35 crore equity infusion from Netherlands based equity financing company Oikocredit, as per ET report.

Annapurna operates across 10 states in India and provides financial support to low income groups to help improve their standard of living. Its client base comprises more than 0.7 million borrowers with assets under management of approximately Rs 950 crore as on March 2016.

Gurgaon Based Rise India Buys Majority Stake in Padhopadhao.com

Gurgaon-based an education and skill development firm, Rise India has acquired a majority stake in tutor aggregator Padhopadhao.com as it aims to establish its presence in the online tuition market.

Rise India has acquired 60% stake in Padhopadhao.com, as per VCCircle report.

Financial details of the deal are still undisclosed by both the companies.

The acquisition will help the portal expand operations to cities such as Mumbai, Jaipur, Chennai, Chandigarh, Bangalore and Hyderabad.

Schedulers Logistics Raises Series B Round from Gujrat Venture Fund GVFL

Gujarat-based venture fund, GVFL Ltd has invested Rs 40 crore in Mumbai based integrated cold chain operator Schedulers Logistics India Pvt Ltd. Schedulers operates a fleet of reefer vehicles and temperature controlled warehouses across India. The transaction marks the second round of growth financing for GVFL's first exposure in the logistics sector.

"The funding will help Schedulers to get on an exponential growth curve by getting aggressive in capacity additions and furthering pan India presence including Gujarat by augmenting reefer fleet as well as cold storage capacity" said Arvind Gangoly, Co-founder & CEO, Schedulers.

Mobikon Acquires Automated Online Marketing Platform MassBlurb

Marketing Platform for the F&B industry, Mobikon, has acquired MassBlurb, an automated online marketing platform for restaurants.

As part of the acquisition, founders of Mumbai-based MassBlurb, Sanket Shah and Pankit Chheda will be taking up key roles at Mobikon. While Sanket will be managing the key accounts and partnerships across the company, Pankit will work closely with Mobikon’s CTO for new product initiatives. MassBlurb’s team will also join Mobikon as a result of this acquisition.

Mumbai-based MassBlurb is currently working with 200+ premium restaurant brands across India, automates everything a restaurant needs in the social space. It is present in 6 other cities across India.

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