Cat II · Managed by GVFL
We partner selectively, care deeply, and strive for excellence across sectors.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
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
ICWA, CS
Mihir Joshi is the Managing Director of GVFL Limited, with 25 years of venture capital investment experience across diverse sectors. He is one of the few venture capitalists in India to have navigated full fund life cycles multiple times-from fundraising to investment and successful exits-gaining deep expertise in venture investing. Over the course of his career, Mihir has invested in 150+ startups, successfully exiting from 80 investments. He has served on the board of 30+ companies, actively guiding them through strategic growth and scaling. His investment portfolio spans multiple sectors, including Deeptech, SaaS, Consumer, TravelTech, Logistics, FoodTech, EdTech, Renewable Energy, Space, Biotech, AgriTech, MedTech. Mihir is a Charter Member of TiE, and has been active member of various industry associations. He holds professional qualifications ICWA and CS and has completed Advanced Management program at IIM Ahmedabad and Venture Capital training at IAPEI Hong Kong.
Saurabh Nair
Senior Vice President
MBA (Finance and Marketing), NISM Series XIX C
Saurabh Nair is the Senior Vice President (SVP) at GVFL. In his current role, he is recognized for his active engagement with startups, from deal origination and evaluation to portfolio management, structuring investments, and supporting founders post-investment. Before becoming SVP at GVFL, Saurabh held progressively responsible positions at the firm, including Associate Vice President, GVFL, where he managed end-to-end investment cycles and served as a board nominee for several portfolio companies. Saurabh holds a Bachelor's degree in Engineering from Gujarat University and an MBA in Finance and Marketing from the Indian Business Academy. He also possesses a NISM Series XIX C certification.
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