Ahmedabad: GVFL, the pioneer of Venture Capital in India, had an excellent 2022 and is gearing up to touch new milestones in the current year.
GVFL made the initial closing of its Rs. 500 crore corpus fund in the year gone by and committed seven investments worth nearly Rs. 70 crores. Of the seven investments, it was the first institutional investor in four companies, reaffirming its commitment to supporting new and exciting business ideas.
GVFL profitably redeemed more than Rs. 70 crores from its past investments and made share swaps in two of its portfolio companies during 2022. Four of its portfolio companies raised follow-on funding rounds during the year as they expanded their offerings and scaled up operations. The year 2022 saw GVFL being joined by two new limited partners in its fund.
“The year 2022 was good for GVFL despite challenging economic conditions. Startup valuations saw a steep correction from the sky-high and unsustainable levels they had reached. We successfully leveraged our experience and insights to invest in some very good ideas, startups, and early-stage companies during the year. As the economy grows, we are confident 2023 will be another exciting year for us and our portfolio companies,” said Mr Kamal Bansal, MD, GVFL. GVFL is committed to investing another Rs. 100 crore in early-stage start-ups in 2023.
GVFL also organized a Start-up event, GVFL Prarambh, conceptualized to strengthen the startup ecosystem in the state of Rajkot in October 2022. The event bought early-stage startup angel investors, incubators, and the government on the same platform for experience-sharing and creating a vibrant startup ecosystem. It also allowed startups and investors to engage with one another and collaborate.
“We are thrilled with the response to GVFL Prarambh in Rajkot. There are many good startups, even in smaller cities, and we are committed to supporting them as much as we can. We are also going to take the event to other small cities in the state,” added Mr Bansal.
