GVFL, formerly known as Gujarat Venture Finance Limited, has launched an accelerator programme, Xcelerate Program, in partnership with Marwari Catalysts for seed stage startups.
The three-month programme aims to provide a launchpad to Gujarat-based startups from health, food and agricultural sectors.
In a statement, GVFL said the startups selected under this programme will get guidance and mentorship from experienced founders and industry experts, and an initial investment in a range of INR 75 Lakh to INR 2.5 Cr to further fuel their growth.
Commenting on the initiative, GVFL MD Kamal Bansal said, “The Xcelerate Program is designed to catalyse the growth of promising startups in important sectors. We believe that with our expert mentorship, substantial investment opportunities, and extensive network, we can empower these startups to drive innovation and economic development in Gujarat and beyond.”
Explaining the benefits of the programme, Sushil Sharma, founder & CEO of Marwari Catalysts, said the startup founders will get an opportunity to connect with potential investors who can provide additional funding and support for them.
“Moreover, a supportive community of over 100+ entrepreneurs and co-founders will provide a platform for collaboration, knowledge sharing, and peer-to-peer learning to the startups,” Sharma added.
Founded in 1990 by Bhagyesh Soneji and Maheshwar Sahu, GVFL claims to have raised eight funds and backed 80 startups to date. It counts Amrita Therapeutics, Varmora Homeware, VnF, among its portfolio companies.
On the other hand, Marwari Catalysts was launched in 2019 by Devesh Rakhecha, Dharamveer Chauhan, Lalit Mangal, Nitin Sethi, Raunak Singhvi and Sushil Sharma to back early stage startups. Since inception, it claims to have backed over 50 startups, and counts names like BankSathi, Sarathi Healthcare, WorkAffair, among its portfolio.
India now has the third-largest startup ecosystem in the world, boasting of over 5.3K funded startups, as per Inc42 data. According to the ‘The State Of Indian Startup Ecosystem Report 2023’, the Indian startup ecosystem secured over $141 Bn funding between 2014 and June 2023.
The growth in the number of startups has also led to an increase in the need for budding entrepreneurs to seek the right mentorship, giving rise to a number of accelerator programmes in the country.
Under the SAMRIDH scheme, the Indian government has identified 22 accelerators to support 175 startups. Recently, Flipkart Ventures, announced that it invested in five early stage startups as part of its accelerator programme Flipkart Leap Ahead (FLA).
Tech giant Google also recently announced the names of 20 startups under its Google for Startups Accelerator Women Founders initiative.
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