2 weeks ago
Mirae Asset Venture closes MAVOF II India fund at ₹1,125 crore
Mirae Asset helps businesses get the money they need to grow.
It has started a new savings pool, called a fund, named MAVOF II.
So far, the fund has collected ₹1,125 crore from investors.
The company hopes to collect ₹1,800 crore in total.
This money will help Indian companies that already have good products.
These companies want to grow bigger and become market leaders.
The fund was started with help from partners like Naver and KRAFTON.
It will support businesses working on technology, artificial intelligence, software and manufacturing.
The CEO, Puneet Kumar, says many growing companies need extra money at an important stage.
Mirae Asset has been helping Indian companies for eight years already.
Mirae Asset Venture Investments (India) Pvt Ltd raised ₹1,125 crore in the first close of MAVOF II, against a target corpus of ₹1,800 crore.
MAVOF II is backed by Unicorn Growth Fund, announced in partnership with Naver and KRAFTON.
The fund targets early-growth Indian companies with demonstrated product-market fit across technology, AI, software, deep tech, advanced manufacturing and consumer discretionary sectors.
CEO Puneet Kumar said the fund addresses the Series B-D funding gap for Indian startups seeking growth capital.
Following the first close, MAVI India will raise additional capital domestically and leverage Mirae Asset's global network for portfolio companies.
- Who
- Mirae Asset Venture Investments (India) Pvt Ltd (MAVI India), led by CEO Puneet Kumar
- What
- Closed the first close of its India-focused fund Mirae Asset Venture Opportunity Fund-II (MAVOF II) at ₹1,125 crore against a ₹1,800 crore target
- Where
- India, with the fund focused on Indian companies
- When
- Announced on August 13, 2026
- Why
- To fill the funding gap for Indian startups at the Series B-D stages as they transition from product validation to scaling
Key facts
- Fund
- Mirae Asset Venture Opportunity Fund-II (MAVOF II)
- First close amount
- ₹1,125 crore
- Target corpus
- ₹1,800 crore
- Fund type
- Third dedicated India-focused private fund of MAVI India
- Investment focus
- Early-growth Indian companies in technology platforms, AI and software, deep tech, advanced manufacturing and consumer discretionary
- Key backers
- Unicorn Growth Fund, in partnership with Naver and KRAFTON; significant contributions from Mirae Asset India and its global businesses
- CEO
- Puneet Kumar (joined earlier this year from Steadview Capital)
- Track record
- Eight years investing in India; backed Shadowfax, Raise (Dhan) and KreditBee
Quotes
Puneet Kumar
CEO of Mirae Asset Venture Investments (India)
“"India is entering a new phase of innovation where companies are moving beyond proving product‑market fit to building businesses with the potential to become category leaders, both in India and globally,"”
thehindubusinessline.com
Sources
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