Gvfl Startup Fund Trust

We partner selectively, care deeply, and strive for excellence across sectors.

Managed by GVFL

IN/AIF1/15-16/0190Cat I

SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.

Overview

About

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.

Investment Philosophy

GVFL partners selectively, cares deeply, and strives for excellence across sectors. The firm provides capital alongside decades of experience, an extensive network, and valuable insights to help founders build scalable and sustainable businesses. Its commitment goes beyond capital — GVFL actively engages with portfolio companies from deal origination and evaluation through post-investment support, board representation, and scaling guidance.

Team— 4

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.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF1/15-16/0190

VintageDec 2015 · 10 yrs old

Valid ToPerpetual

AddressC 1221,1222 Stratum Venus Ground, Satellite Road, Nehrunagar, Ahmedabad, Gujarat, 380015

Investment Manager

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