Mirae Asset Venture Investments (India) Pvt Ltd (MAVI India), the venture capital arm of Mirae Asset Financial Group, on Thursday (Aug. 13) announced the first close of its third India-focused private fund at nearly $118 million (Rs 1,125 crore).
The third fund, Mirae Asset Venture Opportunity Fund II (MAVOF II), has a target corpus of Rs 1,800 crore ($188 million) according to a company statement. The fund is backed by Unicorn Growth Fund, which MAVI India launched earlier this year in partnership with South Korean internet major Naver and gaming company KRAFTON.
MAVOF II will invest in early-growth Indian companies that have achieved product-market fit and are entering their next phase of scale. The fund will focus on sectors including technology platforms, AI and software, deeptech, advanced manufacturing and consumer discretionary, the statement added.
“India is entering a new phase of innovation where companies are moving beyond proving product-market fit to building businesses with the potential to become category leaders, both in India and globally. While the ecosystem has gotten more vibrant over the years, there is a big gap in the ecosystem today in the Series B-D stages when they are looking for growth capital. With Mirae Asset Venture Opportunity Fund–II, we want to partner with founders at this important stage of their journey and help them build large, enduring companies,” said Puneet Kumar, CEO, Mirae Asset Venture Investments (India) Private Limited.
The fund has also received significant commitments from Mirae Asset India and its global businesses. Following the first close, MAVI India will focus on raising additional capital domestically to deepen its presence in India.
MAVI India has been investing in India for the past eight years and has backed companies including Shadowfax, Raise (Dhan) and KreditBee. With MAVOF II, the firm plans to invest in category-defining technology companies with the potential to achieve rapid growth and build long-term market leadership.
