Mirae Asset Venture Investments (India), the venture capital arm of the Mirae Asset Financial Group, has announced the first close of its third India-focused fund at nearly $118 million (Rs 1,125 crore). This new vehicle, named Mirae Asset Venture Opportunity Fund II (MAVOF II), is targeting a total corpus of Rs 1,800 crore, or approximately $188 million. The fund is strategically designed to support early-growth Indian companies that have successfully established product-market fit and are poised for significant scaling.
Strategic Backing from Global Tech Leaders
A key pillar of support for MAVOF II is the Unicorn Growth Fund, which MAVI India launched earlier this year in a landmark partnership with South Korean technology powerhouses Naver and KRAFTON. Naver, a leading internet platform, and KRAFTON, the global gaming company behind PUBG, bring immense strategic value beyond capital. This backing, along with significant commitments from Mirae Asset India and its global businesses, provides a robust foundation for the fund's operations.
Addressing a Critical Growth-Stage Capital Gap
According to Puneet Kumar, CEO of MAVI India, the fund is specifically tailored to address a noticeable void in the Indian startup ecosystem. He emphasized that a significant gap exists for companies seeking growth capital in the Series B to Series D stages, a crucial period for scaling operations. MAVOF II aims to be a dedicated partner for founders navigating this important journey, providing the necessary resources to build large, enduring enterprises.
Focused Investment in High-Potential Sectors
The fund will channel its investments into several key sectors identified for their high growth potential and innovative capacity. These areas include technology platforms, artificial intelligence and software, deeptech, advanced manufacturing, and consumer discretionary businesses. By focusing on these domains, MAVI India intends to back category-defining companies that are positioned to achieve rapid growth and establish long-term market leadership both within India and on a global scale.
Building on a Strong Investment Legacy in India
This new fund is not Mirae Asset's first foray into the Indian market; it builds upon an eight-year legacy of active investment and partnership with local entrepreneurs. The firm has a history of backing successful startups, with its portfolio including well-known companies such as logistics platform Shadowfax, fintech firm Raise (Dhan), and digital lender KreditBee. This established track record demonstrates the firm's deep understanding of the Indian market and its ability to identify promising ventures.
Future Outlook and Domestic Capital Focus
Following the successful first close, MAVI India has outlined its immediate plan to concentrate on raising additional capital from domestic sources. This strategy is aimed at deepening the firm's presence and commitment to the Indian ecosystem, fostering stronger local partnerships and a more integrated approach. Through its extensive global network spanning Asia and other international markets, the firm is well-equipped to support Indian entrepreneurs with cross-border market access and long-term institutional backing.
The successful first close of Mirae Asset Venture Opportunity Fund II marks a significant development for India's venture capital landscape, injecting vital capital into the underserved early-growth segment. This strategic initiative, backed by global technology leaders, underscores a strong belief in the potential of Indian startups to become global category leaders. The fund is poised to play a pivotal role in nurturing the next generation of innovative companies and solidifying India's position as a global technology hub.