South Korean financial services firm Mirae Global Asset Management has infused a little over $100 million across four deals in India in its first year of operations.
While Mirae will continue to invest in India at the same pace, it is also exploring options to launch an India-dedicated fund, The Times of India reported. The fund’s details are still being chalked out, and may range anywhere between $100 and $200 million.
Mirae India was established in 2007 with a seed investment of $50 million, according to information available on its website. Last year, the company also roped in Ashish Dave, a former executive at venture capital firm Kalaari, to lead India investments, with a focus on mid- to late-stage transactions.
The firm recently led a $150-million funding round in online grocery platform BigBasket, making it the latest startup to join the country’s club of unicorns. Mirae Asset has alone injected about $60 million in Supermarket Grocery Supplies Pvt. Limited (SGSPL), which owns and operates BigBasket. China’s Alibaba and UK’s CDC Group were also part of the round.
It’s also an investor in another Indian unicorn — ride-hailing company Ola. Mirae Asset is reported to have invested in Ola’s Series J funding round, pegged at $1 billion.
Mirae closed its first India deal by investing in on-demand delivery startup Shadowfax Technologies Pvt Ltd in August last year. The startup’s $22-million Series C funding round was led by NGP Capital. In January this year, Mirae had also led a $30-million financing round in Bengaluru-based co-living startup Zolo. The round was also joined by IDFC Alternatives, and Nexus Venture Partners.
The Korean investor had announced its plans to set up a $1-billion venture capital fund in Asia last year, with India as one of its core investment market. As per reports, the South Korean Internet conglomerate Naver had also joined the fund.