Vishnu Varshney, former MD & CEO of one of India's oldest venture capital funds GVFL Ltd, passed away today morning after suffering from cerebral haemorrhage. Varshney was hospitalised on Sunday. Varshney is survived by his wife and two children.
Varshney was the Vice Chairman oF GVFL Ltd, a post he took over after stepping down as the CEO early this year. Mihir Joshi, who was earlier the vice president & company secretary, was appointed as the interim MD of the Ahmedabad-based venture capital firm.
Varshney helped set up GVFL, the oldest venture capital in the country, in 1990, under the aegis of World Bank and GIIC (Gujarat Industrial Investment Corporation). He had been at the helm of the fund since inception.
GVFL, which targets early stage companies, manages approximately Rs 133 crore ($26-27 million) in five funds.