Mirae Asset Venture Opportunity Fund–II has a target corpus of ₹1,800 crore.
The fund will focus on early-growth businesses across technology platforms, AI and software, deep tech, advanced manufacturing and consumer discretionary.
The fund is the third dedicated India-focused private fund from Mirae Asset Venture Investments India (MAVI India), the venture capital investment platform of Mirae Asset Financial Group in India.
The firm said the latest fund will target companies in the Series B to D stages, where businesses typically require larger pools of growth capital to scale operations.
The first close includes backing from Unicorn Growth Fund, which MAVI India announced earlier this year in partnership with Naver and KRAFTON. The fund will also receive contributions from Mirae Asset India and its global businesses.
MAVI India has been investing in India for the past eight years. Its portfolio includes companies such as Shadowfax, Raise (Dhan) and KreditBee. With its latest fund, the firm plans to target technology companies that are scaling rapidly and have the potential to establish leadership in their respective markets.
The fund comes at a time when India’s startup ecosystem is seeing a shift from a focus on launching products and establishing market fit to building businesses capable of scaling sustainably.
Puneet Kumar, CEO, MAVI India, said the firm sees a funding gap at the Series B-D stages, when companies require growth capital to expand.
“With Mirae Asset Venture Opportunity Fund–II, we want to partner with founders at this important stage of their journey and help them build large, enduring companies,” Kumar said.
Kumar joined MAVI India as CEO earlier this year after working at Steadview Capital.
MAVI India said its broader global network could also help portfolio companies access strategic partnerships and overseas markets, alongside capital. The firm plans to raise additional capital domestically following the first close.
The fund’s investment strategy is centred on sectors expected to benefit from India’s structural economic shift, including artificial intelligence and software, deep technology and advanced manufacturing. Consumer businesses and technology platforms will also form part of the investment universe.
The ₹1,125-crore first close gives MAVI India a significant part of its ₹1,800-crore target corpus upfront, while the next phase will focus on completing the fundraise and deploying capital into companies at the growth stage.
