The Ahmedabad-based venture capital firm, GVFL, declared that the year 2023 proved to be highly successful for the company. In an accompanying statement, the investment firm highlighted that its various initiatives and strategic investments performed exceptionally well during the year.
The firm invested close to Rs. 100 crore in 10+ start-ups from various sectors in 2023. A pivotal moment in the year was the launch of the GVFL Prarambh Fund, a seed fund of Rs. 200 crore dedicated to supporting start-ups and empowering the next generation of entrepreneurs, the statement added.
Leading a $4 million seed funding round in Zero Cow Factory and a $1.2 million funding in VideoSDK were among the key investments made by GVFL in 2023, showcasing its commitment to supporting cutting-edge ideas with transformative potential, it added.
GVFL also launched a4XFund, a unique platform to provide essential resources and support to early-stage start-ups. Another initiative was the Xcelerate Program, launched in partnership with Marwari Catalyst, aimed at empowering startups in Gujarat and providing an exceptional launchpad to them, it said.
GVFL also partnered with Brinc to launch an accelerator programme for start-ups in D2C businesses, Consumer SaaS, Enterprise SaaS, Industrial IoT, Blockchain, AI, Alternate Protein, Climate Tech and Sustainability, and Electric Mobility.
Reflecting on 2023, Kamal Bansal, managing director of GVFL, said, “The year 2023 was another excellent year for GVFL despite the overall headwinds due to global factors. We made several strategic investments and also launched collaborative programmes and initiatives during the year in sync with our commitment to driving innovation and nurturing entrepreneurial spirit. Looking forward to 2024, we are excited about the opportunities and partnerships ahead and are confident that we will continue to play a key role in shaping and supporting the startup ecosystem in Gujarat and India.”
In 2024, GVFL aims to make investments of Rs. 100 crore in at least ten startups through the GVFL Emerging Enterprises Fund and Rs. 60 crore in 20+ start-ups and early-stage ventures through the GVFL Prarambh Fund. The deals will be showcased on its angel platform a4X.fund, a platform for angel investors and family offices to co-invest with GVFL funds. GVFL envisages making a4XConnect a pan-India event, engaging with incubators nationwide. It also aims to open new international incubation programmes, providing greater exposure and growth opportunities to start-ups.
