Rajasthan VC Arm Launches Rs 150 Crore Fund to Back Early-Stage Startups
- RVCF’s fourth fund allows flexible scaling to back high-potential startups.
- Investments will target pre-Series A and Series A companies across key tech-led sectors.
- RVCF has delivered multibagger exits while creating jobs and supporting first-time founders.
Jaipur-based Rajasthan Venture Capital Fund (RVCF), one of India’s oldest government-backed venture capital institutions, has launched its fourth fund with a corpus of Rs 150 crore. Named India Growth Fund IV, the fund also includes Rs 100 crore green shoe option, taking the total potential size to Rs 250 crore.
The new fund will invest in early-stage startups, mainly at the pre-Series A and Series A stages. Its focus areas include technology, healthcare, agritech, cleantech, and digital transformation. Officials said the fund aims to support scalable business models that can create jobs and drive long-term economic growth.
Shikhar Agrawal, Assistant Chief Secretary (Industries), said the fund reflects the Rajasthan government’s long-term push for innovation-led development. He added that backing technology-driven startups will help build a strong and self-sustaining startup ecosystem while creating quality employment.
Beyond funding, RVCF will offer hands-on support to portfolio companies. This includes strategic advice, governance support, and access to industry networks to help startups grow in a sustainable way.
With over 23 years of operations, RVCF has made 44 investments so far, largely backing first-generation entrepreneurs and MSMEs. Two of its earlier funds have already been fully exited with positive returns, while the third fund is currently under divestment and is expected to deliver nearly double the invested capital.
According to RVCF officials, some exits have generated returns of over 20x within three to seven years. Four portfolio companies have gone public, including listings on the NSE SME Exchange and Nasdaq.
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RVCF-backed startups have served over 10 million customers, created more than 10,000 jobs, and paid nearly Rs 200 crore in taxes. Around 66 percent of founders are first-time entrepreneurs, and nearly one-third are women, highlighting the fund’s focus on inclusive growth.
Industry experts said Fund IV comes at a critical time, as early-stage funding turns more selective, making RVCF’s long-term capital and mentorship especially valuable.
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