Investor Profile: Rajasthan Venture Capital Fund — Thesis, Cheque Size & How to Apply

Rajasthan Venture Capital Fund funding is one of the oldest institutional venture routes in western India. The Rajasthan Venture Capital Fund (RVCF), based in Jaipur and described as Rajasthan's first venture capital fund, has operated since 2002. It is managed by Rajasthan Asset Management Co. Pvt. Ltd (RAMC) (set up 2002), with funds structured as trusts: RVCF Fund I, the SME Tech Fund – RVCF Trust II, and the RVCF India Growth Fund – RVCF Trust III — three SEBI-registered domestic venture capital funds.

Thesis

RVCF is a pan-India, early-to-late-stage investor deliberately mandated to operate beyond metro hubs, focusing on Rajasthan, Uttar Pradesh and Madhya Pradesh where mainstream VC rarely reaches. It invests over four-to-seven-year horizons through equity, quasi-equity and debt in high-growth, disruptive-technology companies, and has nurtured the local ecosystem — co-setting up the Startup Oasis accelerator with CIIE Ahmedabad and an HNI angel fund.

Sectors & stages

IT/ITeS, education, healthcare (including medical devices and services), fintech, food processing and agri-food, asset-light logistics, retail, e-commerce/m-commerce enablers, cybersecurity, agro products and auto components. Stages: early-to-late, startups and mid-stage companies, with a slice of one programme reserved for pre-seed and seed tickets.

Fund size & cheque size

Published figures are historical: Funds I and II had a combined Rs 166 crore corpus (2015); RVCF India Growth Fund – Trust III carried a Rs 500 crore fundraising target in 2015. A 2015 early-stage programme ran on a Rs 50 crore corpus, averaging ~Rs 50 lakh per startup across ~100 startups over 3–4 years, with sub-Rs 1 crore pre-seed/seed tickets. A current cheque range is not publicly disclosed. Reported deals: Rs 15 crore in PR Packagings, $1 million in Woodenstreet. Per its official site, RVCF today reports Rs 443 crore+ in assets under management across 4 funds, 47 investments, 15+ institutional investors and 24 vintage years — the longest-standing institutional fund backing entrepreneurs in its region.

Notable portfolio

NexTenders, Mosambee, Aujas Networks, SoftTech Engineers, PR Packagings, Wholesalebox, Woodenstreet, Chatha Foods, Rajasthan Patrika, Harbinger TechAxes, Cyber Futuristics, Direct Create, Leeway Logistics and ShoeKonnect. Verified exits: Natural Technologies (to HCL Technologies), Liqvid E-Learning (to INSYNC Advisors), HomeStore (to the Wadhawani Group).

Partners / team

Founder and CEO Girish Gupta and VP of investments Gaurav Chowdhry are named in published profiles. Lead backers: RIICO and SIDBI, the UK's DFID, public-sector banks, financial institutions and insurers — 11–15 institutional contributors. Trust I is under liquidation, Trust II under divestment; Trust III is listed as actively investing.

Programs & perks

The Startup Oasis accelerator (with CIIE Ahmedabad), an HNI angel fund, and a pool of active mentors. No formal credits or perks catalogue is publicly described.

How to apply for funding from Rajasthan Venture Capital Fund

As of this article's research date, the official website (rvcf.org) could not be reached from the publisher's network, and no published application process could be verified from sources the publisher read — so no route is stated here rather than invented. Founders should verify the live site's contact page and reach the RAMC team through the official channel before sending a deck; this profile will be updated once a verified route is confirmed.