Mirae Asset Venture Investments marks first close of new fund at Rs 1,125 crore

Mirae Asset Venture Investments India has raised Rs 1,125 crore in the first close of its latest India-focused venture capital fund.

Mirae Asset Venture Opportunity Fund II (MAVOF II) has a target corpus of Rs 1,800 crore, with a green-shoe option of Rs 700 crore. 

The fund’s first close includes Rs 1,020 crore from the Rs 6,000-crore Unicorn Growth Fund, backed by South Korean technology companies KRAFTON and Naver, and Rs 105 crore from Mirae Asset through its Indian group companies.

The fund will focus on technology platforms, consumer discretionary, AI and software, advanced manufacturing and deeptech. It aims to invest in companies that have demonstrated product-market fit and are entering their next phase of scale.

MAVOF II is the firm’s third India-dedicated pool of capital. Mirae Asset Venture Investments’ India strategy began with the Rs 370-crore Mirae Asset Venture Opportunity Fund I in 2021, followed by the Rs 700-crore Mirae Asset Late-Stage Opportunities Fund in 2023.

Mirae Asset Venture Investments has been investing in India for eight years and has backed companies including Shadowfax, Raise Financial Services (Dhan) and KreditBee.