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Venture Capital
gvfl.com

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Investments

38

Portfolio Exits

2

Funds

15

About GVFL

GVFL, formerly Gujarat Venture Finance, is a venture capital firm in India.

GVFL Headquarter Location

1st Floor, Premchand House Annexe B/h Popular House, Ashram Road

Ahmedabad, 380 009,

India

+91 79 4021 3900

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Latest GVFL News

Venture Capital firm GVFL sees first close of 9th fund at Rs 185 cr

Jul 6, 2022

By ADVERTISEMENT 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). ADVERTISEMENT 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 VC firm also aims to support government initiatives like Startup India and Aatmanirbhar Bharat to strengthen the entrepreneurial ecosystem, it said in a statement. ADVERTISEMENT 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. In 2016, GVFL had rolled out its startup-focussed eighth fund. The fund invested in 13 startups including Frazzo, Sequretek, Pet Pooja and Qarmatek, among others. Across its nine funds, GVFL has backed 96 companies so far. In November 2020, Pivoting Softwares Pvt Ltd, which operates client lifecycle software-as-a-service firm Clientjoy, has raised $800,000 (about Rs 6 crore) in a pre-Series A round from GVFL Ltd.   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. ADVERTISEMENT

GVFL Investments

38 Investments

GVFL has made 38 investments. Their latest investment was in Qarmatek as part of their Seed VC on January 1, 2022.

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GVFL Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/18/2022

Seed VC

Qarmatek

$3M

Yes

3

11/15/2021

Series B

PetPooja

$4.5M

Yes

9

11/9/2020

Seed VC

ClientJoy

$0.8M

Yes

6

6/3/2020

Unattributed

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$99M

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10

11/8/2019

Seed VC

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10

Date

1/18/2022

11/15/2021

11/9/2020

6/3/2020

11/8/2019

Round

Seed VC

Series B

Seed VC

Unattributed

Seed VC

Company

Qarmatek

PetPooja

ClientJoy

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Amount

$3M

$4.5M

$0.8M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

9

6

10

10

GVFL Portfolio Exits

2 Portfolio Exits

GVFL has 2 portfolio exits. Their latest portfolio exit was Vidooly on January 05, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/5/2022

Acquired

$99M

2

9/12/2007

Acquired

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$99M

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0

Date

1/5/2022

9/12/2007

Exit

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

2

0

GVFL Fund History

15 Fund Histories

GVFL has 15 funds, including GVFL IX.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/6/2022

GVFL IX

$23.7M

1

12/17/2014

Golden Gujarat Growth Fund - I

Late-Stage Venture Capital

Closed

$69.12M

1

9/11/2014

Odisha MSME Fund

Multi-Stage Venture Capital

Open

$16.58M

1

Gujarat IT Fund

10

Gujarat Venture Finance VIII

10

Closing Date

7/6/2022

12/17/2014

9/11/2014

Fund

GVFL IX

Golden Gujarat Growth Fund - I

Odisha MSME Fund

Gujarat IT Fund

Gujarat Venture Finance VIII

Fund Type

Late-Stage Venture Capital

Multi-Stage Venture Capital

Status

Closed

Open

Amount

$23.7M

$69.12M

$16.58M

Sources

1

1

1

10

10

GVFL Team

6 Team Members

GVFL has 6 team members, including current Chief Executive Officer, Harish Pattnaik.

Name

Work History

Title

Status

Harish Pattnaik

Chief Executive Officer

Current

Mihir Joshi

President

Current

Sanjay Randhar

India Venture Advisors

Managing Director

Current

Bharat Kanani

Executive Vice President

Former

Ricky Gandhi

Senior Vice President

Former

Name

Harish Pattnaik

Mihir Joshi

Sanjay Randhar

Bharat Kanani

Ricky Gandhi

Work History

India Venture Advisors

Title

Chief Executive Officer

President

Managing Director

Executive Vice President

Senior Vice President

Status

Current

Current

Current

Former

Former

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