Indian VC Firm GVFL Gets SEBI Approval for its Eighth $38M Startup Fund

Gujarat Venture Finance Ltd. (GVFL) has received SEBI approval for its eighth fund, looking at raising $37.9 million from financial institutions and expects to close at around $19-20 million by March 2016. The firm has received commitments from institutions like LIC, SIDBI, Bank of Baroda etc.

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As per a DealStreetAsia report, the fund is targeting a final close by December 2016 and it will start investing in startups with a ticket size of nearly $750,000-4 million per deal. It plans to invest in Series A and seed stage rounds in Indian technology-enabled segments like edtech, fintech, electronics, communication, healthcare, hyperlocal delivery, logistics, agritech and Internet of Things.

GVFL has launched seven venture capital funds since its inception in 1990, and has backed 83 technology and growth stage companies. “We have one of the strongest track records in India, with 60 exits,” said Devendra Khandegar, associate VP, GVFL.

Apart from this, US-based VC firm, Peesh Venture Capital also launched a venture capital fund PVCII of $50 million and an accelerator programme in March, to make early-stage investments in India. Mumbai-based seed investor Blume Ventures has also announced the first close of just over $30 million for its Fund II.

The government has also launched two funds with total corpus of $1.8 billion including $305 million India Aspiration Fund (IAF) and SIDBI Make In India Loan For Enterprises (SMILE) scheme with an allocation of $1.5 billion.

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