Gujarat-based venture capital investor GVFL Limited on Monday said that in 2022, it redeemed over ₹70 crore from its previous venture capital investments.

Terming the year an excellent one, GVFL said it made share swaps in two of its portfolio companies during 2022.

Four of its portfolio companies raised follow-on funding rounds during the year as they expanded their offerings and scaled up operations. The year saw GVFL being joined by two new limited partners in its fund, it said in a statement.

During 2022, GVFL made the initial closing of its ₹500-crore corpus fund and committed seven investments worth nearly ₹70 crore. Of the seven investments, he was the first institutional investor in four companies, reaffirming his commitment to supporting new and exciting business ideas.

Challenging conditions

“The year 2022 was a good one for GVFL despite challenging economic conditions. Startup valuations saw a steep correction from the sky-high and unsustainable levels they had reached. We successfully leveraged our experience and insights to invest in some very good ideas, start-ups, and early-stage companies during the year,” said Kamal Bansal, MD, GVFL.

“As the economy gathers pace, we are confident 2023 will be another exciting year for us and our portfolio companies,” Bansal said, adding that GVFL is committed to invest another ₹100 crore in early-stage start-ups in the year 2023.

During the past year, GVFL had also organized a start-up event – GVFL Prarambh – conceptualised to strengthen the start-up ecosystem in the state, in Rajkot in October 2022.

The event brought early-stage start-up angel investors, incubators, and the government on the same platform for experience-sharing and creating a vibrant start-up ecosystem. It also provided start-ups and investors with an opportunity to engage with one another and collaborate.

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