New fundAug 13, 2026, 05:58 UTC

Mirae Asset marks US$152.8M first close for second India early-growth fund

What's the deal? Mirae Asset Venture Investments India (MAVI India) has launched its second early-growth fund with a target corpus of about US$244.4M and a US$95.1M green shoe option. It has already marked a first close of US$152.8M.

Who's backing it? Of the first close, US$138.5M came from the US$814.8M Unicorn Growth Fund, backed by South Korean technology firms KRAFTON Inc. and Naver Corp. Mirae Asset added US$14.3M through its Indian group companies.

Why now? "This is the first alternate investment fund (AIF) backed by the Unicorn Growth Fund," said chief executive officer Puneet Kumar. He expects to do more under the partnership with other Korean companies.

What's next? The next capital raise starts within a week and will focus on domestic institutions, family offices, and high-net-worth individuals. That gives both domestic and Korean LPs a chance to "double down on opportunities," Kumar said.

The growth gap. MAVI India's strategy has shifted from investing through a global growth fund to raising dedicated India funds. The new fund, Mirae Asset Venture Opportunity Fund II, targets Series B to D companies raising US$13.6M-US$54.3M, where Kumar sees the biggest market gap. It will write cheques of US$13.6M-US$27.2M, expandable to US$40.7M through LP co-investments, backing firms with entry valuations of US$135.8M-US$407.4M.

The India journey. This is MAVI India's third India-dedicated pool of capital. Its first early-stage fund launched in 2021 at about US$50.2M, backing startups including Jupiter, Eka Care, and Raise Financial Services (Dhan). A second, late-stage fund followed in 2023 at about US$95.1M, with positions in Shadowfax and KreditBee.

The signal: The new fund focuses on technology, AI, advanced manufacturing, and deeptech — the segments now pulling India's early-growth investment.