The fund is backed by Unicorn Growth Fund, which MAVI India had announced earlier this year in partnership with Naver and KRAFTON.

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Mirae Asset Venture Investments (India) Pvt Ltd (MAVI India), the venture capital investment platform of Mirae Asset Financial Group in India, has raised ₹1,125 crore in the first close of its latest India-focused fund, Mirae Asset Venture Opportunity Fund-II (MAVOF II), against a target corpus of ₹1,800 crore.The fund is backed by Unicorn Growth Fund, which MAVI India had announced earlier this year in partnership with Naver and KRAFTON. The fund will invest in Indian companies that have demonstrated product-market fit and are entering their next phase of growth.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.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. MAVI India said the fund will focus on category-defining companies with the potential to build market leadership, particularly in sectors benefiting from India’s structural transformation.“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,” said Puneet Kumar, CEO, MAVI India. “There is a big gap in the ecosystem today in the Series B-D stages when they are looking for growth capital.”Kumar joined MAVI India earlier this year from Steadview Capital.MAVI India has been investing in India for the past eight years and has backed companies including Shadowfax, Raise (Dhan) and KreditBee.MAVOF II has received significant contributions from Mirae Asset India and its global businesses. Following the first close, MAVI India will focus on raising additional capital domestically to expand its presence in the country.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.Published on August 13, 2026