Ahmedabad-based GVFL Ltd (formerly known as Gujarat Venture Finance Ltd), on Wednesday said it has marked the first close of its ninth fund at Rs 185 crore ($23.7 million).
GVFL’s fund, which aims to raise a total corpus Rs 500 crore, will be invested in technology-driven startups across edtech, healthtech, agritech, biotech and consumer business, among others.
The category-II alternate investment fund (AIF) has received approval from markets regulator, Securities and Exchange Board of India (Sebi).
“The entrepreneurs are disrupting traditional business models across the sectors with tech-driven business models. These entrepreneurs are supported by an active angel investors ecosystem and by venture capitalist having a large pool of capital. Government also has been a keen enabler for the growth of startups ecosystem in the country.
In the last 3 years, the startup activity has grown exponentially. We believe that in the next 5 years, this ecosystem will grow manifolds,” said GVFL in a statement.
Across its nine funds, GVFL has backed 96 companies so far.
Last year, restaurant platform Petpooja, operated by Prayosha Food Services Pvt. Ltd, raised $4.5 million (around Rs 34 crore) in a funding round led by Aroa Ventures, with participation from GVFL, Udaan, and Dr Mayur Desai, among others.