GVFL ( formerly known as Gujarat Venture Finance Ltd) has gone into early stage investment and has invested INR 80 million 8 million in RapidRadio solutions a company incubated by Nirma Labs.
RapidRadio marks GVFL’s first investment in a start-up from an academic incubator program. RapidRadio Solutions began its operations in 2005 in the area of RFID (Radio Frequency Identification) technology. GVFL will make the seed stage investment from its Rs. 270 million Gujarat IT Fund.
NirmaLabs, the most recent initiative of Nirma Education and Research Foundation – NERF, is an incubator to spawn High Tech Knowledge based Wealth Generation ventures. The basic idea is to identify individuals with technical knowledge and experience, bring them to NirmaLabs campus, and groom them to evolve project plans for high tech wealth generation ventures. Such projects and teams will then be seed funded and incubated to bring the concept to venture fundable level. NERF is putting in the initial seed fund
Rapid Radio is the 6th investment from the Rs. 270 million Gujarat IT Fund. GVFL has previously invested in Net4Nuts, Ecube, Icenet, Anupam Globalsoft and Convergelabs from the fund.
Hi
is it 80 million or 8 million. I dont think this figure can be 80 million as the whole fund is just 270 million and if GVFL is putting 80 million then it is putting more than 25% of the corpus in a single startup which is not possible as no where in the world VCs put 25% of corpus in a single company.
Hi Sanjay
Thanks for pointing it out. Error is regretted. It is INR 8 million / 80 Lakh and not INR 80 million.
hi,
Can I know what equity stake GVFL takes in an organisation when it invest money in already existing compqany
Hi,
Can you tell me what exit price GVFl got from the exit of Icenet?