Investment firm Mirae Asset Venture Investments (MAVI) India has marked the first close of its second fund at ₹1,125 Cr ($117.9 Mn), to back high-growth Indian businesses
The latest development comes as growth-stage capital investments continue to draw attention in India’s venture ecosystem
The fund aims to invest in startups at the Series B to Series D stages and operating across segments like consumer tech, AI, SaaS, deeptech, advanced manufacturing and consumer discretionary
Investment firm Mirae Asset Venture Investments (MAVI) India has marked the first close of its second fund at ₹1,125 Cr ($117.9 Mn), to back high-growth Indian businesses.
The fund, Mirae Asset Venture Opportunity Fund II, is backed by Unicorn Growth Fund and has a target corpus of ₹1,800 Cr along with a green shoe option of ₹700 Cr.
The fund aims to invest in startups at the Series B to Series D stages and operating across segments like consumer tech, AI, SaaS, deeptech, advanced manufacturing and consumer discretionary.
Mirae Asset Venture Investments India is the India-focused venture capital platform of South Korea’s Mirae Asset Financial Group and is based in Mumbai. The platform has been active in India for eight years. According to the company, MAVOF II is its third dedicated India-focused private fund.
The fresh investment vehicle adds to Mirae Asset’s broader India investing strategy. The firm said it would use the corpus to back businesses that have already achieved a product-market fit and are entering their next phase of scale.
“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.” MAVI India chief executive Puneet Kumar said.
The firm’s India strategy has increasingly leaned on both domestic and Korean capital pools. Unicorn Growth Fund, the ₹6,000 Cr India-focused technology fund launched in April 2026 with Naver and KRAFTON, forms a key part of that approach.
After the first close of MAVOF II, the fund will now look to raise more domestic capital as it works towards its full target corpus.
The latest development comes as growth-stage capital investments continue to draw attention in India’s venture ecosystem.
Multiple institutional firms have been raising vehicles focused on scaling startups beyond seed-stage bets, amid a broader view that the market still lacks enough domestic capital for companies moving from early traction to expansion.
For instance, growth-stage VC firm Physis Capital announced the final close of its maiden fund at ₹400 Cr ($48 Mn) in May.
Pertinent to note that in the first half of 2026, growth-stage funding rose 15% Y-o-Y to $2.3 Bn, based on Inc42’s Indian Tech Startup Funding Report, H1 2026 report.