South Korean entities Krafton, Naver Corporation, and Mirae Asset revealed on Tuesday the establishment of the Unicorn Growth Fund, a Rs 6,000-crore initiative designed to support promising Indian startups. The reveal occurred alongside South Korean President Lee Jae-myung’s trip to India, where various agreements were inked to strengthen relations between the two nations. Mirae Asset Venture India will oversee the fund, having previously invested in companies like Zomato, BigBasket, Shadowfax, Dhan, and KreditBee. The trio first disclosed intentions for the fund in December, with the official rollout happening this week after discussions between India’s Commerce Minister Piyush Goyal and South Korea’s Trade Minister Jung-kwan Kim. Attendees included Krafton CEO CH Kim, the firm’s India leader Sean Sohn, Naver CEO Choi Soo-yeon, and Puneet Kumar, head of Mirae Asset Venture India. Per an official release, the fund will target sectors over the coming ten years, such as online consumer services, e-commerce platforms, emerging digital brands, innovative consumer ventures, generative and practical AI, tools for developers, and advanced technologies including semiconductors, space exploration, robotics, and cutting-edge materials. ‘In the decade ahead, we anticipate a fresh wave of Indian tech leaders emerging for global markets. As the manager and advisor for the Unicorn Growth Fund, Mirae Asset is honored to combine Krafton and Naver’s expertise with our local investment operations in India,’ stated Kumar, who came to Mirae Asset Venture from Steadview Capital in January. Reports indicate the firm is negotiating a $50-60 million investment in quick domestic help startup Snabbit. Krafton, operator of the well-known game Battlegrounds Mobile India, will start by pledging Rs 1,230 crore. Combined with inputs from Naver, Mirae Asset, and additional backers, the fund aims to launch with more than Rs 3,000 crore, eventually reaching Rs 6,000 crore. This collaboration represents the initial joint investment effort among the three Korean organizations. ‘India ranks as a key market for Krafton, due to its size and promise as a worldwide center for game creation. With its youthful, talented tech workforce and advancing digital systems, we view India shifting from a user-focused economy to one driven by content creators in gaming. The Unicorn Growth Fund demonstrates our enduring dedication to this environment,’ commented CH Kim. Earlier this year, Krafton teamed up with South Korean asset manager IMM Investment, which oversees around $7 billion, to fund ventures in fields like consumer tech, software services, financial technology, gaming, media, and advanced tech.
