By Ka Kay Lum
The latest fundraising target is $600 million more than the $1.2 billion raised by GGV in April 2016.
Openspace now has secured $225 million in total committed capital from its limited partners.
The round also saw participation from MGV, Liquid 2 Ventures, Hack VC and existing investors Emergent Ventures and Y Combinator.
The fund will seek PE, late-stage investment opportunities in tech, particularly in strategic sectors such as AI.
The round was co-led by existing investor GGV Capital and XVC Venture Capital.
Limited partners include government-backed Korea Venture Investment Corp.
A media report claimed that the funds are likely to undergo restructuring due to their sub-par performance and their inability to repay large amounts due to the government.
The startup plans to use the proceeds to expand its operations in Hong Kong, Okinawa, Kuala Lumpur, Bangkok, Osaka and Tokyo.
Hotstar, which competes with Amazon Prime and Netflix, raised the funding at a valuation of Rs 1,849 crore (around $270 million).
The round also saw participation from Orios Venture Partners and IAN Fund.