Speaking on the sidelines of the ‘VC Circle Investment Forum’ held recently in Ahmedabad, Mihir Joshi, interim MD of GVFL, said, “We had initially planned to disburse Rs 250 crore at the time of the launch of this fund in April 2008. However, given the macro-economic conditions, the company has decided to hike the corpus of the fund to Rs 500 crore.”
Until now, GVFL has already received funds worth Rs 100 crore and the funding organisation is further expecting the government of Gujarat to contribute 10% of the SME fund corpus. The company is also looking for investors to get a part of the fund.
The venture capital firm intends to close the SME Technology Fund by the end of June next year and it expects to use funds over the next 3-5 years from 2010.
