Key Takeaways
- • Mirae Asset Venture Investments (India) achieved a first close of $118 million for its third India-focused fund, MAVOF II, against a target corpus of $188 million (Rs 1,800 crore), representing 63% of the target raised at close.
- • The fund targets Series B-D stage Indian companies with established product-market fit entering growth phase, focusing on technology platforms, AI, software, deeptech, advanced manufacturing, and consumer discretionary sectors.
- • MAVOF II is backed by the Unicorn Growth Fund, a partnership launched earlier in 2026 between Mirae Asset, South Korean internet company Naver, and gaming company KRAFTON, signaling international co-investment strategy in Indian venture.
- • Mirae Asset India has committed significant capital to the fund and will pursue additional domestic fundraising to strengthen its presence in India's mid-stage venture ecosystem, addressing a stated gap in Series B-D growth capital availability.
- • The fund represents Mirae Asset's eight-year commitment to Indian venture investing, building on prior exits including Shadowfax, Raise (Dhan), and KreditBee.
Summary
Mirae Asset Venture Investments (India) announced on August 13, 2026, the first close of its third India-focused venture fund at nearly $118 million, with a total target corpus of $188 million. The fund, named Mirae Asset Venture Opportunity Fund II (MAVOF II), targets early-growth Indian companies transitioning from product-market fit validation to category leadership, positioning itself to address a structural gap in mid-stage venture capital availability.
MAVOF II will focus on Series B-D stage investments across technology platforms, artificial intelligence, software, deeptech, advanced manufacturing, and consumer discretionary sectors. According to Puneet Kumar, CEO of Mirae Asset Venture Investments (India), the fund targets "the important stage of their journey" when founders are scaling beyond initial validation. Kumar highlighted a market gap where Indian startups "are looking for growth capital" but face ecosystem constraints, particularly in the Series B-D range where large, category-defining businesses are typically built.
The fund is underpinned by the Unicorn Growth Fund, a partnership vehicle launched by Mirae Asset with South Korean internet major Naver and gaming company KRAFTON earlier in 2026. This partnership structure signals Mirae Asset's strategy to leverage international co-investors and strategic partners to access capital and operational expertise for Indian venture opportunities. Mirae Asset India and its global business units have committed significant capital to MAVOF II, positioning the fund with institutional backing from the parent financial group.
With eight years of India venture investing experience, Mirae Asset has established a track record backing companies including logistics platform Shadowfax, fintech player Raise (Dhan), and lending platform KreditBee. Following the first close, MAVI India will pursue additional domestic fundraising to deepen its presence in the Indian market and move toward the full target corpus.
MAVOF II will focus on Series B-D stage investments across technology platforms, artificial intelligence, software, deeptech, advanced manufacturing, and consumer discretionary sectors. According to Puneet Kumar, CEO of Mirae Asset Venture Investments (India), the fund targets "the important stage of their journey" when founders are scaling beyond initial validation. Kumar highlighted a market gap where Indian startups "are looking for growth capital" but face ecosystem constraints, particularly in the Series B-D range where large, category-defining businesses are typically built.
The fund is underpinned by the Unicorn Growth Fund, a partnership vehicle launched by Mirae Asset with South Korean internet major Naver and gaming company KRAFTON earlier in 2026. This partnership structure signals Mirae Asset's strategy to leverage international co-investors and strategic partners to access capital and operational expertise for Indian venture opportunities. Mirae Asset India and its global business units have committed significant capital to MAVOF II, positioning the fund with institutional backing from the parent financial group.
With eight years of India venture investing experience, Mirae Asset has established a track record backing companies including logistics platform Shadowfax, fintech player Raise (Dhan), and lending platform KreditBee. Following the first close, MAVI India will pursue additional domestic fundraising to deepen its presence in the Indian market and move toward the full target corpus.
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