South Korea-based financial services company Mirae Global Asset Management has announced its plans to set up a $1 Bn VC fund in Asia, with India as one of its core investment market.
The VC fund will also focus on Vietnam, Indonesia, as well as the selected opportunities in China and Japan, stated people close to the development of ET. “India will get one of the largest allocations from the fund,” one of the persons said. Also, it will focus on sectors such as consumer internet, financial technology and consumer brands amongst others.
As per reports, the South Korean Internet conglomerate Naver will also join the VC fund. Both will contribute $200 Mn initially and will increase the corpus depending upon the opportunities.
Mirae has also roped in former Kalaari capital executive Ashish Dave to handle its India investments. As per Ashish’s LinkedIn profile, he joined Mirae in March 2018, and will lead Mirae’s India investments in mid-to-late stage funding rounds.
Mirae is currently a part of India’s mutual fund industry and entered the country in 2007 with a seed investment of $50 Mn, as mentioned on its website. It will also be the first South Korean fund to set up its base in India.
South Korean Investors: Charging Up To The Indian Startup Ecosystem Beat
As evident from a Quartz 2016 article, the South Korean investors did not take much interest in India from 2013-2015. However, they first made a buzz in the Indian startup ecosystem in 2016. While in March 2016, Softbank South Korea invested in Gurugram-based True Balance, in December 2016, NoBroker raised $7 Mn in a round led by KTB Network, a Seoul-based VC company.