Mirae Asset Venture closes MAVOF II at ₹1,125 cr

Mirae Asset Venture Investments (India) Pvt Ltd, under the Mirae Asset Financial Group, has successfully raised ₹1,125 crore in the inaugural close of its India-focused fund, Mirae Asset Venture Opportunity Fund-II (MAVOF II). This achievement was accomplished against a target corpus of ₹1,800 crore. The fund is supported by Unicorn Growth Fund, a collaboration with Naver and KRAFTON.

MAVOF II is the third dedicated India-focused private fund initiated by MAVI India, positioning itself to support early-growth businesses across various sectors such as technology platforms, AI and software, deep tech, advanced manufacturing, and consumer discretionary. The primary focus of the fund is on category-defining companies that have the potential to achieve market leadership, particularly in areas that benefit from India's structural transformation.

Puneet Kumar, the CEO of MAVI India, emphasized the need for growth capital as Indian start-ups in Series B-D stages face a significant funding gap during their transition from product validation to scaling. "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," Kumar stated.

MAVI India, which has been active in the Indian market for the past eight years, has backed companies like Shadowfax, Raise (Dhan), and KreditBee. The fund's first close has been made possible by significant contributions from Mirae Asset India and its global entities.

With the successful first close, MAVI India will now concentrate on raising further capital domestically to strengthen its presence in the country. The fund also aims to leverage Mirae Asset's global network to provide portfolio companies with strategic partnerships, cross-border market access, and institutional support as they scale.