Some of the hardest capital for a startup to raise comes after the idea has already worked. The product has customers, the economics are becoming visible and the next ambition is larger, but scaling demands a different size of cheque. Mirae Asset Venture Investments India has built much of its investment philosophy around that crossing point, backing technology-enabled businesses after product-market fit and helping them move toward larger markets and, eventually, public-market readiness.
That thesis now has a much larger pool of capital behind it. Mirae Asset Venture Investments India has secured ₹1,125 crore in the first close of Mirae Asset Venture Opportunity Fund II, against a target corpus of ₹1,800 crore. The first close therefore puts roughly 62.5% of the targeted fund in place before the next phase of fundraising begins.
The fund is being built for the moment when proving the company is no longer enough.
CEO Puneet Kumar describes a funding gap around Series B to Series D, where companies have moved beyond product-market fit but still need substantial growth capital to become category leaders. MAVOF II will target businesses across technology platforms, AI and software, deeptech, advanced manufacturing and consumer discretionary sectors.
The size of the vehicle marks a step change in Mirae Asset’s India strategy. Its first flagship fund had a corpus of about ₹370 crore, followed by a ₹700 crore late-stage vehicle. MAVOF II is its third dedicated India-focused private fund, giving the firm considerably more firepower at the point where startup financing becomes less about experimentation and more about execution.
There is also a cross-border layer to the capital. The fund is backed by the ₹6,000 crore Unicorn Growth Fund, created by Mirae Asset with South Korean technology groups Naver and KRAFTON, alongside contributions from Mirae Asset’s Indian and global businesses. After the first close, the firm plans to deepen fundraising among domestic investors.
Mirae Asset has spent roughly eight years investing in India, with companies including Shadowfax, Raise Financial Services’ Dhan and KreditBee among its portfolio. Its wider platform also emphasizes cross-border market access, strategic partnerships and institutional support for companies moving into their next stage of growth.
