GVFL divests stakes in Anupam Globalsoft

Ahmedabad, Jun 4 (UNI) GVFL Ltd has announced divestment of its holding from 'Anupam GlobalSoft Limited', (formerly Anupam Infosys Limited), a company promoted by Anupam Group of Companies, based at Vallabh Vidyanagar.

Announcing GVFL's exit from Anupam GLobalsoft, a release quoted GVFL CEO Vishnu Varshney as saying, ''We are delighted to announce our exit of Anupam GLobalsoft. The most crucial part of the VC process is the exit and to have accomplished it along with the company receiving major future expansion, is the ideal end result.

The exit of our fund from Anupam vindicates our faith in the SME segment that it offers tremendous growth opportunity to VCs.'' Anupam Globalsoft Ltd promoter Nimit Patel said, ''With GVFL's consistent help and through learnings from the market feedback, we were able to create a business strategy focusing on e-business software development and providing business solutions to engineering companies. The support provided by GVFL is validated by the rapid growth achieved by us.'' GVFL has also recently divested its stake from Icenet. Net Limited, the leading Internet Service Provider based at Ahmedabad after six years of investment. Icenet.Net Limited provides various services like Dial-up, Internet on Cable, Lease Line, Internet Telephony, Enterprise Business Solutions, VOIP solutions etc. It is having its reach in Ahmedabad, Baroda, Surat&Rajkot. Recently, Citigroup-owned broadband service provider, You Telecom India Private Limited, acquired Icenet.

GVFL Ltd. (formerly known as Gujarat Venture Finance Limited) is widely regarded as the pioneer of venture capital in India. Started by Gujarat Industrial and Investment Corporation (GIIC) at the initiative of the World Bank in July 1990, GVFL Ltd is an independent board-managed, autonomous venture finance company based at Ahmedabad.

Over the past 16 years, GVFL Ltd has raised five Venture Capital Funds with a combined capital of Rs 1,400 million, which is invested in 60 companies across the country. These divestments for GVFL mark the successful divestiture from the 52 of its 60 investments. Some of GVFL Ltd's significant success stories include Deccanet, eInfochips, Scicom, Net4Nuts, Parsec Technologies, Neilsoft and 20 microns.

UNI