Mirae Asset Venture Investments India has completed the first close of its second dedicated India fund, securing ₹1,125 Cr to back scaling startups across sectors like consumer tech, AI, and deeptech. This marks a significant step in Mirae’s eight-year India venture strategy to support companies progressing from product-market fit to expansion.
- First close of ₹1,125 Cr marked for Mirae’s second India venture fund.
- Fund targets Series B to D startups in tech-driven sectors.
- Backed by Unicorn Growth Fund leveraging Korea-India capital partnerships.
What happened
Mirae Asset Venture Investments India has announced the first close of its second fund, Mirae Asset Venture Opportunity Fund II, raising ₹1,125 Cr (approximately $117.9 million). The fund is planned to reach a total corpus of ₹1,800 Cr, with an option to extend by ₹700 Cr through a green shoe.
The investment vehicle focuses on mid-to-late stage startups at Series B to Series D rounds, across sectors including consumer technology, AI, SaaS, deeptech, advanced manufacturing, and consumer discretionary. This fund marks Mirae’s third India-specific private fund following eight years of active presence in the country.
Why it matters
The fund’s focus on businesses that have established product-market fit and are entering scale-up phases reflects the increasing demand for growth-stage capital in India’s startup ecosystem. Domestic capital remains insufficient for startups transitioning from early traction to expansion, making such vehicles crucial for sustained development.
Backing from the Unicorn Growth Fund, a ₹6,000 Cr India-focused tech fund launched with partnerships from Korean corporations such as Naver and KRAFTON, highlights Mirae’s strategy of leveraging both domestic and Korean investor pools to build a robust cross-border capital base supporting Indian ventures.
What to watch next
Mirae Asset Venture Investments plans to continue raising more domestic capital to reach the final target for MAVOF II. How effectively the fund mobilizes capital from Indian investors alongside international partners will be key to its success in fueling later-stage startup growth.
Additionally, the performance and portfolio choices of this fund will be important to watch as growth-stage funding in India saw a 15% year-over-year rise to $2.3 billion in the first half of 2026, signaling increased investor interest but also intensified competition among scaling startups for institutional resources.