Jaipur: One of the earliest venture capital institutions in the country, the Rajasthan Venture Capital Fund (RVCF), has launched its fourth fund of Rs 150 crore. The India Growth Fund IV comes with an additional Rs 100 crore as a Green Shoe Option for investment in early-stage startups.The new fund is aimed at supporting tech startups with scalable business models and strong potential for job creation and economic growth, officials said. Shikhar Agrawal, assistant chief secretary (Industries), said the new fund reflects the govt’s long-term vision for innovation-led development. “The new fund is in keeping with the govt’s commitment to building a robust, self-sustaining startup ecosystem in Rajasthan. By supporting early-stage, technology-driven enterprises, we are not only enabling innovation but also creating quality jobs and long-term economic value,” he said. Fund IV will primarily invest in pre-Series A and Series A companies in sectors such as technology, healthcare, agritech, cleantech, and digital transformation. In addition to capital, RVCF will provide portfolio companies with strategic guidance, governance support, and access to industry networks, enabling young ventures to scale sustainably.“RVCF has consistently played a catalytic role in backing first-generation entrepreneurs and channelising critical capital into high-impact sectors,” Agarwal said while elaborating about RVCF’s role and impact. “Fund IV will further strengthen the state’s position as a preferred destination for startups and investors looking beyond traditional metro markets,” he added.With more than 23 years of operations, RVCF has so far made 44 investments focused on first-generation entrepreneurs and MSMEs.An RVCF official said the fund’s investment performance combines financial returns with social impact. Two of its earlier funds were fully liquidated with positive returns, while the third fund is currently under divestment with expected returns of double the invested amount.“Select exits have delivered multi-bagger returns, with some investments generating returns of over 20x within holding periods ranging from three to seven years. Four portfolio companies have achieved public listings, including three on the NSE SME Exchange and one on Nasdaq,” the official said. Beyond returns, RVCF-backed companies have delivered measurable economic impact, the official added. Ventures in which RVCF has invested have collectively served over 10 million customers, generated more than 10,000 direct and indirect jobs, and paid an estimated Rs 200 crore in taxes, he said. Around 66% of these ventures were founded by first-time entrepreneurs, while nearly one-third have women founders, reflecting the fund’s emphasis on inclusive and sustainable growth.Industry representatives said the launch of the Rs 150-crore Fund IV comes at a crucial time for the startup ecosystem, with early-stage funding becoming more selective.“By combining long-term capital with active mentorship and a regional focus, RVCF continues to play a critical role in nurturing innovation-led enterprises and positioning Rajasthan as a credible hub for startup-led economic development,” an industry representative said.
