GVFL is actively supporting start-ups in both early and growth stages through a founder-centric and innovation-driven approach. According to Mihir Joshi, Managing Director of GVFL, the firm is dedicated to backing high-potential ventures characterized by strong market fit, innovation, and scalability, with a preference for recurring revenue models, asset-light scaling, and defensible business frameworks.
The firm has expressed optimism regarding sectors such as edtech, healthtech, foodtech, and spacetech. Over the past three decades, GVFL has managed more than 11 funds and invested in over 125 companies, achieving over 75 successful exits.
In terms of funding, GVFL is currently operating two active funds. The GVFL Prarambh fund concentrates on early-stage start-ups in the pre-seed and seed phases, with typical investments ranging from ₹50 lakh to ₹3 crore. To date, six investments have been made from this fund, totaling ₹15 crore. Meanwhile, the GVFL Emerging Enterprise Fund is aimed at growth-stage companies raising required funding from pre-Series A to Series B, with investments between ₹5 crore to ₹25 crore. Since 2022, this fund has facilitated over 20 investments, amounting to a cumulative ₹300 crore.
GVFL’s investment thesis emphasizes a founder-centric, innovation-led strategy across both funds. The Prarambh Fund is dedicated to seed-stage companies that exhibit strong founder-market fit, disruptive potential, and early market validation. It seeks investments in ventures with clearly defined customer pain points, unique differentiation, and attainable milestones with the capital provided.
In contrast, the Emerging Enterprise Fund focuses on start-ups that showcase significant innovation, technical scalability, and the potential to make an impact in large or emerging markets. The fund favors businesses with recurring revenues, asset-light models, and favorable unit economics, emphasizing strong customer retention and clear monetization pathways.
Each fund aims to make 20-30 investments, promoting a diverse portfolio to balance risk while maximizing exposure to high-growth prospects. GVFL employs a rigorous selection process that assesses criteria such as founder-market fit, team capabilities, scalability, capital efficiency, market validation, differentiation, unit economics, and competitive defensibility. The approach aims to minimize concentration risks and mitigate market and technology challenges through diversification. Current portfolio companies include Sequretek, Neeman’s, and Petpooja.
GVFL favors sectors with substantial addressable markets and robust digital support, including digital platforms such as edtech, foodtech, SaaS, fintech, technology-driven services, healthtech, spacetech, cleantech, and impact-oriented ventures. The firm adapts its focus in response to evolving market trends and innovation cycles while prioritizing innovation, scalability, and business models that effectively address problems.
While GVFL primarily emphasizes early-stage funding, including seed and pre-Series A rounds, it also participates in growth rounds for scaling ventures. However, the firm’s preferred focus remains on founders developing innovative solutions to real-world problems with demonstrated traction.
The investment horizon at GVFL extends to 7-10 years for seed-stage companies and 5-8 years for growth-stage or pre-Series A companies, aligning with industry standards and reflecting the time needed for value creation, scalability, and successful exits.
Regarding average investment amounts, GVFL notes that the cheque sizes vary by stage. For seed or early-stage ventures, investments generally range from ₹50 lakh to ₹3 crore. In growth or Series A funding rounds, investments typically fall between ₹5 crore and ₹25 crore.
To date, GVFL has executed over 75 exits from more than 125 investments, with typical exit strategies involving strategic sales (M&A), secondary sales to larger funds, or in some instances, public listings.
