Mirae Asset marks ₹1,125 crore first close for second India early-growth fund
What's the deal? Mirae Asset Venture Investments India (MAVI India)Dealroom has a profile for this one. Try Dealroom → has launched its second early-growth fund with a target corpus of about ₹1,800 crore and a ₹700 crore green shoe option. It has already marked a first close of ₹1,125 crore.
Who's backing it? Of the first close, ₹1,020 crore came from the ₹6,000 crore Unicorn Growth FundDealroom has a profile for this one. Try Dealroom →, backed by South Korean technology firms KRAFTON Inc.Dealroom has a profile for this one. Try Dealroom → and Naver Corp.Dealroom has a profile for this one. Try Dealroom → Mirae AssetDealroom has a profile for this one. Try Dealroom → added ₹105 crore 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 ₹100-400 crore, where Kumar sees the biggest market gap. It will write cheques of ₹100-200 crore, expandable to ₹300 crore through LP co-investments, backing firms with entry valuations of ₹1,000-3,000 crore.
The India journey. This is MAVI India's third India-dedicated pool of capital. Its first early-stage fund launched in 2021 at about ₹370 crore, backing startups including Jupiter, Eka CareDealroom has a profile for this one. Try Dealroom →, and Raise Financial Services (Dhan)Dealroom has a profile for this one. Try Dealroom →. A second, late-stage fund followed in 2023 at about ₹700 crore, with positions in ShadowfaxDealroom has a profile for this one. Try Dealroom → and KreditBee.
The signal: The new fund focuses on technology, AI, advanced manufacturing, and deeptech — the segments now pulling India's early-growth investment.
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Image credit: Generated with Gemini
