Jaipur-based Rajasthan Venture Capital Fund (RVCF), a government-backed venture capital institution, has launched its fourth fund with an initial corpus of Rs 150 crore. Named India Growth Fund IV, the fund also carries a green shoe option of Rs 100 crore, taking its potential size to Rs 250 crore, as per media reports.
The new fund will focus on early-stage investments, primarily targeting startups at the pre-Series A and Series A stages. It will invest across sectors such as technology, healthcare, agritech, cleantech and digital transformation, with an emphasis on scalable business models capable of generating employment and long-term economic value.
Shikhar Agrawal, Assistant Chief Secretary (Industries), said the fund aligns with the Rajasthan government’s strategy to promote innovation-led development and strengthen the state’s startup ecosystem.
In addition to capital, RVCF will provide portfolio companies with strategic guidance, governance support and access to industry networks. Established over two decades ago, RVCF has made 44 investments so far, largely supporting first-generation entrepreneurs and MSMEs. Two of its earlier funds have been fully exited, while the third is under divestment and is expected to deliver nearly twice the invested capital.
RVCF-backed startups have collectively served over 10 million customers, generated more than 10,000 jobs and contributed close to Rs 200 crore in tax payments, according to officials.
