Our Team

Kamal Bansal

Managing Director

Managing Director

Mr. Kamal Bansal is the Managing Director of GVFL Limited

He is responsible for overall leadership to GVFL Limited. He overseas GVFL’s impact in Gujarat in terms of Innovation, job creation etc.

Professional Experience

Finance Professional with rich experience of over 2 decades in Venture Capital / Private Equity Investing, Capital Markets, Institutional Equities Research, Investment Banking and Debt Capital Markets.

A unique 360% experience of investing/fund raising in unlisted early-stage companies as well in public equity capital markets.

Skilled in Investment appraisal, business due diligence, Fund structuring, shareholders agreements & post Investment support in early part of career with India’s leading Venture Capital Firms.

Hands on experience of closely working with entrepreneurs at the strategic as well as operational levels.

Exposure to fund raising & operations for Venture capital funds.

Successfully conceptualised and built-up the business of Investment & Merchant Banking covering entire gamut of services.

Strong knowledge of Listed Equities gained as Head of Institutional Equities Research and Sales.

Mihir Joshi


Mihir Joshi has been with GVFL for over 20 years and has experienced all stages of VC life cycle – fund raising, structuring of Funds, investments and harvesting returns to the investors. His learning curve has matured with liquidation of 3 funds (22+ exits) through various routes including IPO, secondary sale, acquisition, management buy out and buy back. He led some of the marquee investments of GVFL and represented GVFL on board of several investee companies like e-infochips, 20 Microns, Axio Biosolutions, Century Pharmaceuticals, Vidooly, Formcept etc. He was a member of Screening Committee of Technology Entrepreneurship Program (TePP), panel for setting up of Biotech Incubation Centre by DBT, and has been with the CIIE Investment Committee in the past. He is also a TiE charter member.

  • ICWA, Cost & Works Accountants of India
  • CS, Institute of Company Secretaries of India

Biswadeep Das

(Vice President)

Biswadeep has done his Bachelors in IT and PGDM in Finance.

At GVFL, Biswadeep is responsible for all facets of investments, from sourcing to portfolio management. He has deep interest in early stage investments and helping founders find scale and is a strong proponent of the entrepreneurial ecosystem in India.

Biswadeep is a seasoned venture investor with several seed and growth stage investments across various sectors. In his past role, he headed the Corporate Development vertical for a media-tech company and led all investments and M&A efforts. Prior to that, he led the early stage CVC investments for the largest solar business in India. He was instrumental in setting up the startup accelerator platform for the largest media house of India and led all engagements across the portfolio.

As a part of his professional career, Biswadeep has previously co-founded a VC funded Indo-US based biotech startup and focused on fund raising and growth.

Hemang Vaidya

(Sr. Associate)

At GVFL, Hemang is part of investment team and taking care of a4X (Accelerate to Excellence) initiative under seed to growth stage investment to strengthen startup ecosystem across India. Hemang is responsible for investor relationships, mentor relationships and fund raise for co investment. Additionally, he is also responsible for deal sourcing, deal screening, deal structuring, deal investment, portfolio monitoring and facilitating divestments.

Earlier, Hemang was heading the incubation at International Centre for Entrepreneurship and Technology (iCreate) which is a Technology Business Incubation Centre (TBI) where he was looking after all funding instruments for startups which are available from state and central ministry in terms of grants, debt and equity financing. As per organisation’s need, he expertise to develop different processes under startup’s lifecycle journey. He has worked closely with the startup founders to understand their mindset, their needs and steer them in the right direction.

As a techno commercial person, He likes to play strategist role for growth journey, business modelling, team building, fund raise and financial management. He also acts as jury and mentor for external ecosystem.

Hemang holds post-graduation (M.E.) in engineering and published research papers in reputed technical literature IEEE Xplore. With overall experience of 6 years, He has also worked at Physical Research Laboratory (PRL), Ahmedabad.

Madhav Singhal


Has 4 years of Experience; CA., M.com and B.com
Madhav Singhal is a Chartered Accountant with experience in Financial Statement Analysis, Taxation, Financial Modelling, Valuations & Auditing & Assurance. As a part of the investment team, Madhav is responsible for end-to-end deal execution: sourcing, appraisal- operational and financial performance, assessment of the industry, competition landscape, financial projections, deal structuring, executing definitive agreements, portfolio management and facilitating divestments.

He was previously associated with Incred Capital Investment Banking Team where he was responsible for Development of various types of financial models to value debt and equity for mergers, acquisitions and capital-raising transactions. Prior to Incred Capital, he was a derivative interest rate trader at international capital markets with Futures First Info Services.

He is a Chartered Accountant from ICAI and CFA-Level II Candidate. He has completed his M.com (Master of Commerce) and B.com (Bachelor of Commerce) from Gujarat University.

Ayush Makharia


Ayush is a CFA L2 candidate and has completed MBA in the finance domain from Nirma University. He is well-equipped with his analytical and financial skills required for financial analysis and decision-making.

At GVFL, Ayush is responsible for managing the entire deal execution process, from start to finish. He also keeps track of deal activities in the start-up sector and works closely with partners in the venture capital ecosystem to identify opportunities for mutual growth and collaboration.

Vishwa Devani


Vishwa has completed her Masters in the finance domain and is well-equipped with her analytical and financial skills.

At GVFL, she is involved in end-to-end deal execution. Additionally she would be responsible for tracking the deal activity in the start-up space along with collaborating with partners in the venture capital ecosystem for collective synergies.

She has previously interned with Awfficacy – a combined venture of Talati & Talati Group and two entrepreneurial Big-4 professionals. In her tenure there, she got insights into corporate finance advisory’s various services such as Due Diligence, Valuation etc.

BBA – MBA: Institute of Management, Nirma University

Vrishnk Shukla


Vrishnk is an analyst in the investment team and is responsible for deal sourcing, deal screening and due diligence, market research, deal structuring, deal closures, portfolio monitoring, and facilitating divestments.

He has worked with IVY Growth Associates for 9 months where he was responsible for tasks including deal sourcing, deal evaluation, preparation of detailed investment notes, assisting in drafting term sheets, shareholder agreements, and communication with investors, monitoring portfolio companies and assisting them with investor outreach for subsequent fundraising. He had also been a part of the investments team at Mumbai Angels Network for 6 months where his responsibilities included investor outreach for portfolio companies, deal sourcing, deal screening and evaluation, preparation of detailed investment memos, and assisting in the comparison of terms sheets, shareholder agreements, and deal closures.

He worked as an Analyst at EY in Mumbai in their Risk Advisory Services team where his responsibilities included the execution of client-related engagements in the areas of risk & compliance, internal audits, process reviews, revenue assurance, aiding in the preparation of audit reports comprising of crucial audit findings and areas of improvement.

He is a startup enthusiast and has completed his Post Graduation in Finance from ITM Business School (Navi Mumbai) and B.Com in Financial Markets from Narsee Monjee College of Commerce and Economics, Mumbai.

Jay Dhadhal


Jay is an analyst in the investment team and is responsible for deal sourcing, deal screening and due diligence, market research, deal structuring, closing the deal, portfolio monitoring and facilitating divestments.He also looks after the a4X platform, an initiative of GVFL for strengthening Startup Ecosystem .

Previously, Jay worked as an Investment Lead at GUSEC (Govt backed Incubator) and CBA Startup Ecosystem (Managed Global Angel Network).


He is a Startup Ecosystem enthusiast and is associated with Headstart Foundation as a Volunteer in Investor Circle.He is CFA – Level II Candidate and has completed his Bachelors of  Commerce from Ahmedabad University.

Parth Shah

Manager (Accounts)

Parth Shah is a Chartered Accountant. He is expert in finance, costing, valuation and tax matters.

He is also responsible for sourcing and reviewing of deals, Financial Planning, Analysis and Modelling, co-ordination with promoters, understanding the Prospect and Scalability with Market, close monitoring of investee companies, reviewing the legal documents (SHA,SSA,CP Letters, etc), Due diligence ( Financial. Legal, etc), NAV and IRR Calculation of Portfolio, Moulding of Exit Strategy.

Currently, handling the Portfolio of Companies having Invested Value of INR 80 Cr and engaged in Logistics and Manufacturing sectors.

He also supervises accounts at GVFL.

He was previously associated for two years with a Mumbai based Real Estate company as a Manager of Accounts department. He was also associated with a well-known Chartered Account Firm wherein he closely worked in Advisory to multilevel clients engaged in Service Sector, Manufacturing Sector and Real Estate etc.

  • CA (Chartered Accountant) – ICAI
  • B.Com (Bachelors of Commerce) – Gujarat University

Lekha Sharma

Manager (CS & Legal)

CS Lekha Sharma is an Associate Member of Institute of Company Secretaries of India and also a Commerce & Law Graduate from Gujarat University. She is two times All India Rank holder while pursuing her studies of Company Secretary. She handles legal matters of GVFL. Her legal expertise and transaction structuring abilities plays important role in the investment due diligence, mergers and exits. She contributes in value add to portfolio companies.

In addition, she also provides support to the Investment Team on secretarial compliance of investee companies.

Currently, Lekha is handling the Portfolio of Companies having Invested Value of INR 115 Cr. and engaged in renewable and infrastructure space.

Prior to joining GVFL, she has worked for Piramal Group and other private sector companies and has earned experience on various secretarial and legal matters of private and public companies as well as of NGOs. She has also been part of implementing and administration of “Compliance Tool” which keeps track on all sectoral and regulatory compliances in her previous organisations.

  • LLB (Bachelor of Law) – Gujarat University
  • C.S. (Company Secretary) – Institute of Company Secretaries of India

Paresh Shah

Manager (IT)

Paresh Shah has been associated with GVFL since 2000, Paresh is responsible for all the IT related activities in the organization.

Prior to GVFL, Paresh has worked for eight years in other corporates also. He was associated with Torrent Pharmaceuticals, Troikaa Pharmaceuticals, Dishman Pharmaceuticals Ltd and Cadila Pharmaceuticals Ltd.

He has been trained in various IT related areas through various certificate courses

  • B.Sc (Bachelor of Science) in Physics – Gujarat University

Paresh Khakhkhar

Manager (Accounts)

Mr. Paresh Khakhkhar is working with GVFL Ltd. as Deputy Manager since August 1995. Mr. Khakhkhar has been involved in monitoring of existing investments in field of Accounting, Internal control systems and Tax compliances. Previously he was part of the internal Accounts team at GVFL and involved in day-to-day Accounts, Audit, Tax compliances etc.

Mr. Khakhkhar’s major assignments during his career with GVFL Limited.  

  • Turnaround of Colortek (India) Ltd.

GVFL made a seed stage investment in Colortek (India) Ltd. The company faced many teething problems in the early years due to insufficient professional personals. The company was facing liquidity problem on account of poor debtors collection,  inventory management, the banks charging very high rate of interest on cash credit facility on account poor repayments to banks.

Mr. Khakhkhar, as part of monitoring team of GVFL, introduced proper inventory & debtors management system. Tasks were performed to improved the inventory management system and reduced the long outstanding debtors.

To improve overall operations of the company, GVFL team introduced ISO 9000 certification at Colortek (India) Ltd.

  • Sahajanand Laser Technology Ltd. – Implementation of Internal Audit & Internal Control System: 

GVFL made an investment in Sahajanand Laser Technology Ltd., Gandhinagar, Gujarat. The company was a pioneer in diamond cutting machines using fiber technology.

The company faced problems due to poor internal control system. Mr. Khakhkhar & GVFL monitoring team appointed KPMG to design and implement the Internal Audit & Internal Control System.

To improve overall operations & Internal control of the company, Mr. Khakhkhar deployed the Microsoft ERP System.


  • B.Com (Bachelors of Commerce) – Gujarat University 
  • Chartered Accountant (Inter.) – The Institute of Chartered Accountants of India.

Sejal Zaveri

Manager (HR & Administration)

Sejal has been associated with GVFL with since 2006. She is currently working as Manager (HR & Administration). She serves in a dual role involving the full spectrum of both human resource management and general administrative management. She is responsible for performing HR-related duties in the functional areas of recruitment, employee relations, compliance, compensation & benefits, onboarding, policy implementation, performance appraisal, training & development etc. She supervises daily support operations, plans the most efficient administrative procedures to ensure all support activities are carried on efficiently and effectively to allow the other operations to function properly.

  • Post Graduate Diploma in Business Administration (HR) – Symbiosis
  • Diploma in HRM from Ahmedabad Management Association
  • B.A. (Bachelor of Arts) in Economics – Gujarat University

Saurabh Nair

Associate Vice President

Saurabh Rajan Nair is with GVFL Ltd. for 3 years.
Saurabh is responsible for raising funds, investor interactions, market communications, building new
relationships and other functions related to the company & fundraising at GVFL Ltd.

As a part of the investment team, Saurabh is responsible for end-to-end deal execution: sourcing,
appraisal- operational and financial performance, assessment of the industry, competition landscape,
financial projections, deal structuring, executing definitive agreements, portfolio management and
facilitating divestments.

He is an angel investor in his personal capacity.

Saurabh had previously worked for Pacifica Cos., Markit India and SNL Financial.

MBA (Marketing & Finance) from Indian Business Academy
B.E (Instumentation & Control), Gujarat University