GVFL to pump Rs 80 lakh into RapidRadio Solutions

Saturday, March 17, 2007, 16:42 [IST]

New Delhi, Feb 21 (UNI) Gujarat Venture Finance Ltd (GVFL) today said it will invest an initial Rs 80 lakh into RapidRadio Solutions Pvt Ltd, a technology start-up spun off from the NirmaLabs incubator programme.

''With the investment into the RapidRadio, we are now stepping forward into campus incubation programmes to identify and nurture promising ideas and entrepreneurs,'' GVFL Ltd CEO Vishnu Varshney said.

GVFL will make the investment from its Rs 27 crore Gujarat IT Fund.

RapidRadio marks GVFL's first investment in a start-up from an academic incubator programme.

''We will be deploying the funds for expanding our product range to include Ultra-High Frequency (UHF - 900 MHz) products and also developing Active RFID based products,'' RapidRadio CEO Dhaval Kotecha said.

RapidRadio Solutions began its operations in 2005 in the area of RFID (Radio Frequency Identification) technology.

UNI

Topics: FINANCE-GVFL-RAPIDRADIO

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