Mirae Global’s Indian Arm Gets INR 1,240 Cr To Boost B2C Brokerage Playbook

South Korea-based financial services company Mirae Global has pumped INR 1,240 Cr into its Indian arm, Mirae Asset Capital Markets. The funding will primarily go towards scaling up its brokerage platform, m.Stock, and to deepen its business-to-customer (B2C) penetration. 

In a statement, the company said that the capital had been allocated to establish a firm ground for its institutional business and the investment banking verticals.

With this, the Indian arm of Mirae has raised a total of INR 3,190 Cr in funding to date. 

“… This investment also serves as a testament to the confidence we have in the business model, the team, and the potential for remarkable accomplishments of providing comprehensive and innovative financial solutions to meet the evolving needs of our esteemed clients throughout the country,” said the chief operating officer and additional director of Mirae Asset Capital, Markets Robinson Francis.

Elaborating on its plans, Mirae added that the capital will enable the company to enhance IT infrastructure, offer a seamless customer service experience and drive penetration in new areas. Mirae Assets also touted its brokerage platform, which it claims is well-poised to disrupt the market with its tech-driven approach.

Since its launch last year, m.Stock claims to have generated INR 1.4 Lakh Cr in turnover on its platform. It also claims to have more than 2.5 Lakh paid accounts currently. 

Mirae Asset has had an India presence for a long time. It also has its investments in big-ticket Indian startups such as Ola, Bigbasket, Zomato, troubled startup Trell and Shadowfax, and has even exited some. 

The Seoul-headquartered company has joined a growing list of global firms to have ramped up their investments in India or have accumulated dry powder in the past year. Earlier this year, US-based investment firm B Capital closed its third venture growth fund at $2.1 Bn, a part of which will also go towards Indian startups.

In April, global venture capital firm Capria Ventures marked the first close of its $100 Mn fund, which will be focussed on investing in 20-25 tech startups across India and other countries. In May, the Indian arm of Matrix Partners increased the size of its fourth India-focussed fund to $525 Mn from $450 Mn earlier.