Krafton, Naver partner Mirae Asset to launch Rs 6000 crore India- focused fund

MUMBAI: South Korean firms Krafton and Naver Corporation will set up a Rs 6,000 crore fund to invest in Indian technology companies, betting big on the country’s growing pool of startups and new-age tech businesses.

The fund, managed by Mirae Asset Venture Investments (MAVI) will largely cut cheques for growth-stage firms. “The Fund is one of the largest India-focused capital pools ever raised by an Asian technology-led platform,” the companies said in a joint statement on Tuesday.The launch of the fund was formalised alongside the three-day official visit of South Korean president Lee Jae Myung to India which concluded on Tuesday.

The fund will invest in companies which are building technology platforms such as digital marketplaces or platform infrastructure, bet on digital-first brands catering to the middle class, besides backing AI and deep tech firms. “The fund will partner with Indian founders building category leading companies with global ambitions–bringing product, AI, gaming and platform expertise from Krafton and Naver, as well as access to Korean and broader Asian markets,” the three firms said.

Gaming giant Krafton has already invested in a clutch of Indian startups including Nodwin Gaming, Loco, Kuku FM and Pratilipi while Mirae Asset and Naver had earlier partnered for a fund which invested in big startups such as Zomato (now Eternal), BigBasket and Shadowfax. “India is rapidly emerging as a global hub for digital innovation, powered by exceptional talent and a vibrant startup ecosystem….Naver sees strong potential to support the next generation of AI-driven companies with global ambition.

Through the Unicorn Growth Fund, we aim to combine capital, technology and strategic partnerships to help Indian innovators scale globally,” said Soo-yeon Choi, global CEO at Naver Corporation.