Ahmedabad: Venture capital interest in Gujarat’s startup ecosystem is homing in on mature, revenue-visible companies rather than early experiments. Over recent weeks, Gujarat-based startups have collectively raised over Rs 300 crore, led by deals in D2C (direct-to-consumer) brands, SaaS, and clean energy. These segments are now seen as offering clearer paths to scale and exits.At the top end, Ahmedabad-based restaurant SaaS platform Petpooja raised $15 million (approximately Rs 125 crore) in a Series C round. The round was backed by Dharana Capital, Helion Ventures, and Urban Company, underscoring strong investor appetite for Gujarat startups that have scaled beyond the pilot stage.The energy sector, meanwhile, is emerging as the biggest magnet for capital. GVFL recently led a $12 million (over Rs 100 crore) funding round in Soleos Solar Energy, reflecting strong VC interest in clean energy platforms with execution track records and long-term visibility. “We’re largely sector-agnostic, but both D2C and energy are seeing very strong growth,” said Mihir Joshi, CEO, GVFL. Joshi said, “In the energy sector, a differentiated business model helps companies gain market traction faster, especially given the large market size.” Joshi said that typically, within three to four years, strong players demonstrate their execution capabilities — even though scaling can be complex. “The overall funding environment remains positive, with investors keenly tracking how capital is being deployed,” he said.Investors say Gujarat’s manufacturing base, policy support, and project pipelines make it a natural hub for such bets. “Energy has been the apple of investors’ eyes for a while now. Renewable segments — wind and solar in particular — have seen sustained interest as the five-to-seven-year outlook looks far more predictable,” said Umesh Uttamchandani, co-founder, DevX.Uttamchandani said, “We’re also seeing growing participation from local family offices, especially in clean energy.”He said, “The D2C model, meanwhile, has consistently been a bright spot for Gujarat. Beardo is a strong example of how a home-grown brand can scale into a successful lifestyle business.”Manufacturing-linked startups are also drawing sizable cheques. Ahmedabad-based industrial solutions startup Magma recently closed its Series A round at $8 million (approximately Rs 66–67 crore), backed by a mix of global and govt-linked investors, including GVFL.Founded in 2022 by Neal Thakker, the company works with mid-market manufacturers to modernize factory operations, improve throughput, and scale precision manufacturing, while expanding its green manufacturing and materials platform, Magma Green.“The round saw the participation of a global marquee investor alongside leading domestic investors,” Thakker said. “Our immediate focus is on expanding our geographic footprint across Rajasthan, Maharashtra, Karnataka and Telangana, while deepening penetration within existing clusters.”He said, “We will deploy this capital to build new factory-focused solutions, scale Magma Green and our advanced materials brand TerraMag and strengthen precision capabilities across our platforms.”Thakker said, “We aim to achieve a Rs 1,000-crore revenue run rate over the next 18 months.”Among smaller but notable deals, D2C food and nutrition brand BabyOrgano raised Rs 20 crore in a recent round, as investor-backed brands that have cracked distribution, repeat demand, and unit economics. Beauty appliance startup Protouch raised $2 million (about Rs 17.9 crore) in a pre-Series A round led by GVFL, valuing the company at around $10 million. Early-stage activity has also continued, with Surat-based fintech startup Vijya Fintech raising $1.4 million (about Rs 11.3 crore) in a seed round from family offices and ultra-high-net-worth individuals. Ahmedabad-based SaaS firm Softvan secured $1.3 million (around Rs 11.1 crore) in angel funding led by Brijesh Parikh.Gujarat-based investors say this shift towards execution-led startups is also drawing local capital back into the ecosystem. “We are seeing stronger quality and execution depth across startups today, with founders building for real market demand rather than just valuations,” said Arjun Handa, chairman, Claris group. “That is prompting investors like us to selectively deploy capital across sectors where scalability and long-term fundamentals are clearer.“
