Home Breaking News South Korea’s Mirae Assets Launches US$ 35M Fund for Indian Startups

South Korea’s Mirae Assets Launches US$ 35M Fund for Indian Startups

South Korea’s Mirae Assets
Mirae Asset group is set to explore its India footprint with this fund focused on early stage startups of the country.

Headquartered in Seoul, South Korea, Mirae Asset Financial Group is going to launch an early-stage focused fund worth US$ 35M for startups in India, called The Mirae Asset Venture Opportunities Fund 1. 

Mirae Assets is a financial services company that provides comprehensive financial services such as, wealth management, asset management, investment banking and life insurance. Mirae Asset group is set to explore its India footprint with this fund focused on early stage startups of the country. This early-stage fund will back up the Mirae Asset-Naver Asia Growth Fund of over US$ 1B. Mirae Assets has invested in Ola, Bigbasket, Zomato, Swiggy, ZoloStays, Shadowfax among other startups through its growth fund.

In 2020, Mirae invested US$ 660M in Zomato’s funding round with participation from investors such as Hong Kong-based hedge fund Steadview Capital, US hedge fund Luxor Capital and private equity firm Bow Wave Capital. In 2018, Mirae invested in Shadowfax, a Bengaluru-based logistics tech startup, participating in its US$ 22M Series C funding round. Overall, Mirae has deployed over US$ 200 million in half a dozen companies in India.

There is a possibility that the early-stage fund could grow to US$ 75M in the future. Mirae Asset manages US$ 1.5 billion across its four funds, Mirae Asset Naver Asia Growth Fund, Mirae Asset Celltrion, Mirae Asset Naver I and Mirae Asset GS Retail for its venture investments in South Korea, India and China.

CEO of Mirae Assets (India) Ashish Dave said, “Mirae will continue to operate both funds independently. Investment ticket sizes over US$ 10M will be through the growth fund, while the Opportunities Fund will invest in up to Series A rounds. Mirae’s Korean partners would be co-investing with the Opportunities Fund, which will have an average ticket size of US$ 2M – US$ 4M.

Mirae’s new fund will particularly focus on fintech, consumer internet and SaaS startups in India over the next 12-18 months. Some Korean funds and partners might also participate in the upcoming funding rounds in the range of US$ 2-4 million. 

The COVID-19 pandemic has not affected the VC investments much, especially in the early-stage space. “Our growth fund invests a minimum US$ 10M in assets due to which we missed out on a lot of early opportunities where companies wanted to raise smaller amounts. Further, since there is a global investment committee process, it takes some time to arrive at a decision. The India fund will give us the flexibility to get in early in some of these deals as the decision-making is local and quick,” said Dave.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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