Mirae Asset Venture Investments India (MAVI India) has launched its second early-stage fund with a target corpus of ₹1,800 crore, along with a green shoe option of ₹700 crore. According to reports from The Hindu BusinessLine, the investment firm has already marked the first close of the fund, with ₹1,125 crore coming from the ₹6,000 crore Unicorn Growth Fund, backed by South Korean technology companies KRAFTON Inc. and Naver Corp. Mirae Asset invested an additional ₹105 crore through its Indian group companies, taking the total first close to ₹1,125 crore. The latest fund comprises ₹230 crore in equity and ₹50 crore in venture debt, as reported by The Economic Times, with the funds raised at a valuation of around ₹1,800 crore.
The fund will target early-growth opportunities, focusing on companies between Series B and D stages that are raising between ₹100-400 crore. As reported by The Hindu BusinessLine, Puneet Kumar, CEO of MAVI India, noted that the bulk of the portfolio will be in the range of ₹1,000-3,000 crore as an entry valuation. The firm will write cheque sizes of ₹100-200 crore and may expand these to ₹300 crore through co-investments from LPs. Kumar emphasized that "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." He highlighted that "There is a big gap in the ecosystem today in the Series B-D stages when they are looking for growth capital." The next capital raise will begin within the next week, focusing on domestic institutions, family offices and HNIs.
The latest fund, known as Mirae Asset Venture Opportunity Fund II, will focus on four key themes: technology platforms, consumer discretionary (new-age brands), AI/software, advanced manufacturing and deeptech. According to The Hindu BusinessLine, technology platforms include various facets of consumer technology, quick commerce, fintech and content. The firm places importance on artificial intelligence and related services, while advanced manufacturing and deeptech—including space tech, semiconductors and defence—are strategically important areas for long-term returns. The fund comes at a time when Indian start-ups at the Series B-D stages face a funding gap as they transition from product validation to scaling, with the fund targeting category-defining companies with the potential to build market leadership.
MAVOF II is MAVI India's third dedicated India-focused private fund and will primarily target early-growth businesses across technology platforms, AI and software, deep tech, advanced manufacturing and consumer discretionary sectors. Following the first close, MAVI India will focus on raising additional capital domestically to expand its presence in the country. As reported by The Hindu BusinessLine, the fund also plans to leverage Mirae Asset's global network to provide portfolio companies with strategic partnerships, cross-border market access and institutional support as they scale. MAVI India has been investing in India for the past eight years and has backed companies including Shadowfax, Raise (Dhan) and KreditBee. The Silicon Valley-headquartered VC firm is betting on India's IPO-led liquidity opportunity, with portfolio companies such as Zetwerk, Infra.Market, Acko, Curefit, and Spinny among those in the pipeline to go public over the next year.
