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Managed by GVFL
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
GVFL Limited (formerly Gujarat Venture Finance Limited) is India's oldest venture capital firm, incorporated in 1990 and headquartered in Ahmedabad. Promoted by IDBI, IFCI, ICICI, SBI, and the Government of Gujarat, GVFL has invested in 150+ startups across multiple fund cycles and exited 75%+ of its portfolio. The firm operates across four funds: GVFL Emerging Enterprise Venture Fund (Cat II, INR 5–20 Cr ticket, Pre-Series A to Series B), GVFL Prarambh Fund (seed stage, INR 50 Lakhs–3 Cr), iCreate Angel Fund (pre-seed, Gujarat-focused), and the Gujarat Biotechnology Venture Fund (IN/AIF1/25-26/2009, Cat I, registered January 2026, focused on Biotechnology in Gujarat). GVFL partners with founders from pre-seed through Series B across Biotechnology, Deep Tech, Enterprise Tech, Clean Tech, Defence Tech, Healthcare & MedTech, Consumer Brands, Gaming & Entertainment, FinTech, and AgriTech.
Deep Vaghela
SEBI Contact Person (GVFL Emerging Enterprise Venture Trust)
Lekha Sharma
SEBI Contact Person (Gujarat Biotechnology Venture Fund)
Lekha Sharma is Company Secretary and designated SEBI contact person for iCreate Angel Fund Trust at GVFL Limited.
Mihir Joshi
Managing Director
Mihir Joshi is the Managing Director of GVFL Limited with 25 years of venture capital investment experience across diverse sectors. He is one of India's few VCs to have navigated full fund life cycles multiple times — from fundraising through investment to successful exits. He has invested in 150+ startups and successfully exited from 80 investments, serving on the boards of 30+ companies. His portfolio spans Deep Tech, SaaS, Consumer, TravelTech, Logistics, FoodTech, EdTech, Renewable Energy, Space, Biotech, AgriTech, and MedTech. Charter Member of TiE. Qualifications: ICWA, CS; Advanced Management Programme (IIM Ahmedabad); Venture Capital training (IAPEI Hong Kong).
Saurabh Nair
Senior Vice President
Saurabh Nair is SVP at GVFL, responsible for deal origination, evaluation, portfolio management, investment structuring, and post-investment founder support. Previously Associate Vice President at GVFL, managing end-to-end investment cycles and serving as board nominee for portfolio companies. B.E. from Gujarat University; MBA (Finance & Marketing) from Indian Business Academy; NISM Series XIX C certified.
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