GVFL Limited (formerly Gujarat Venture Finance Limited)

Stage focus

Multi-stage

Primary sector

IT / SaaS / Enterprise Software

City

Ahmedabad

HQ / office

C-1221/1222, 12th Floor, East Wing, Stratum @Venus Grounds, Satellite Road, Nehrunagar (Jodhpur Char Rasta), Ahmedabad – 380015, Gujarat, India (Tel [contact on file])

Investments on record

125

Corpus (as reported)

Exact current AUM not published on official site. Firm states 11 funds managed, 125+ investments and 75+ exits since 1990 (per its own site/profiles). Prarambh Fund: first close Rs 100 cr (2022), target corpus Rs 200 cr. Earlier Golden Gujarat Growth Fund-I closed at Rs 426 cr (2015). Third-party "~USD 35M AUM" figure is unverified and likely stale — do not rely on it.

Website

gvfl.com

LinkedIn

Profile ↗

GVFL Limited (formerly Gujarat Venture Finance Limited, CIN U65923GJ1990PLC013966) is an Ahmedabad-based venture capital firm incorporated 2 July 1990 — widely regarded as India's first/pioneer institutional VC — set up at the initiative of the World Bank with the Government of Gujarat as anchor. Per MCA records it is a Public Limited Company (PLC), classified as an Indian non-government company, that has managed multiple venture funds (cited as 8–11 across sources) backing 90–125+ technology and growth-stage startups. Current Managing Director is Mihirkumar (Mihir) Arvind Joshi (appointed 12 Nov 2024); Kamal Bansal is the FORMER MD (now at BRK Ventures/Steptrade). Other directors include Tapan Ray, Bankimchandra (B.S.) Mehta, Rahul Babulal Gupta and Lekha Shivdhani Sharma.

Seed / pre-Series A / Series A & B (and growth) across tech and emerging sectors — B2B SaaS/enterprise tech, food & agritech, health/biotech, consumer/D2C, gaming/esports, climate/cleantech, deep-tech. Ticket sizes ~Rs 1–3 cr (Prarambh seed fund) up to Rs 5–20 cr (Emerging Enterprise Fund, Pre-Series A to Series B).

INR 0.5-20 Cr (Prarambh seed fund INR 0.5-3 Cr; Emerging Enterprise Fund INR 5-20 Cr; iCreate Angel Fund from INR 0.25 Cr)

As compiled from public sources — verify with the investor.

Registration category not stated — reported as “Seed / early-stage & growth venture capital (India's pioneer VC)”

On the SIDBI FFS list

Funds: GVFL Emerging Enterprises Venture Fund

Yes — on official SIDBI FFS supported-AIF list (GVFL Emerging Enterprises Venture Fund)

Axio Biosolutions; Clientjoy; Canvaloop; BeastLife; Brandworks Technologies; Aditi Toys; Gamerji; Growit

Manager: GVFL Limited (autonomous board-managed company); multi-fund VC — SEBI Category I AIF (e.g., GVFL Startup Fund Trust IN/AIF1/15-16/0190), trust-structured schemes

What does GVFL Limited (formerly Gujarat Venture Finance Limited) invest in?

Seed / pre-Series A / Series A & B (and growth) across tech and emerging sectors — B2B SaaS/enterprise tech, food & agritech, health/biotech, consumer/D2C, gaming/esports, climate/cleantech, deep-tech. Ticket sizes ~Rs 1–3 cr (Prarambh seed fund) up to Rs 5–20 cr (Emerging Enterprise Fund, Pre-Series A to Series B).

What cheque size does GVFL Limited (formerly Gujarat Venture Finance Limited) write?

As compiled from public sources: INR 0.5-20 Cr (Prarambh seed fund INR 0.5-3 Cr; Emerging Enterprise Fund INR 5-20 Cr; iCreate Angel Fund from INR 0.25 Cr)

How do I pitch GVFL Limited (formerly Gujarat Venture Finance Limited) through iHub India?

Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.

VC fund (Cat II)

021 Capital Trust

Seed · IT / SaaS / Enterprise Software · Bengaluru

USD ~1 Mn (below USD 1 Mn per cheque; up to USD 2 Mn reported for earlier fund); INR ~8-16 CrContact on file

VC fund (Cat II)

100Unicorns

Multi-stage · Deep Tech (AI/ML/Robotics) · Mumbai

INR 3-5 Cr initial cheque at pre-seed/seed with follow-on capacitySIDBI FFSContact on file

VC / investor (non-AIF or offshore)

100X.VC

Pre-seed / Idea · IT / SaaS / Enterprise Software · Mumbai

Angel fund (Cat I)

1Funds Trust

Multi-stage · Pharma & Life sciences · Mumbai

Pre-seed to Series A+ stage; specific cheque size not disclosedContact on file

VC fund (Cat II)

3IPARTNERS FUND

Multi-stage · Deep Tech (AI/ML/Robotics) · Bengaluru

USD 150k-1M (INR ~1-8 Cr) per startup for 5-15% stake; pre-seed/seed/pre-Series AContact on file

VC fund (Cat II)

3one4 Capital

Multi-stage · IT / SaaS / Enterprise Software · Bengaluru

Early-stage seed to Series A; firm does not publish exact cheque range on siteContact on file

All Multi-stage investors →

• ⚑ PRIVATE-ELIGIBILITY RISK / GOVERNMENT-DFI ORIGIN: promoted in 1990 by the World Bank with the Government of Gujarat as anchor; funds anchored/backed by public institutions including Government of Gujarat, SIDBI, LIC, NABARD, Bank of Baroda, IFCI, SBI and BIRAC. MCA classifies the entity as a PUBLIC limited company (non-government), NOT a private company — the original record's implied 'private VC' framing is inaccurate; verify against program rules before treating as a private investor. LEADERSHIP OUTDATED IN SOURCE RECORD: Kamal Bansal is ex-MD; current MD is Mihir Joshi (Nov 2024). EMAIL: [contact on file] is the consistently-cited general inbox (treated as corporate inbox) but could NOT be directly confirmed on the JS-rendered official contact page; [contact on file] (Company Secretary) appears on official AGM filings; scraper emails like [contact on file] are unconfirmed — do not use. Distinct from related entity 'GVFL Trustee Company Pvt Ltd'. A stale third-party address (Premchand House Annexe, Ashram Road) appears on some profiles and is superseded by the Stratum @ Venus Grounds address.

Compiled from public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://gvfl.com/; https://www.insightssuccess.in/gvfl-ventures-intelligent-minds/