Mirae Asset Venture Investments India (MAVI India) has raised ₹1,125 crore in the first close of its second Mirae Asset Venture Opportunity Fund, as the investment firm looks to back India’s next generation of growth-stage startups across technology, AI, deeptech, advanced manufacturing and consumer businesses.
The fund, Mirae Asset Venture Opportunity Fund II (MAVOF II), has a target corpus of ₹1,800 crore. The first close represents about 62.5% of the targeted corpus, leaving MAVI India with another ₹675 crore to raise as it continues its fundraising in the domestic market.
The development comes at a time when India’s startup ecosystem is entering a different phase. While early-stage funding continues to attract significant attention, a growing number of startups that have already achieved product-market fit are looking for larger pools of capital to scale operations, expand into new markets and build category-leading businesses.
MAVI India is positioning MAVOF II specifically around this opportunity.
What is Mirae Asset Venture Opportunity Fund II?
MAVOF II is the third dedicated India-focused private fund from Mirae Asset Venture Investments India. It will primarily invest in early-growth companies that have already demonstrated product-market fit and are preparing for their next phase of expansion.
The fund will focus on five broad areas:
- Technology platforms
- AI and software
- Deeptech
- Advanced manufacturing
- Consumer discretionary
The investment strategy reflects some of the sectors that are increasingly becoming important to India’s next phase of economic and technological growth.
Rather than concentrating exclusively on startups at the idea or early product stage, MAVI India wants to support companies that have already established their business model and now need growth capital to scale.
Why the ₹1,125 Crore Fundraise Matters?
One of the key points behind the fund is the funding gap that exists between Series B and Series D rounds.
At this stage, startups have generally moved beyond proving whether their product works. The challenge becomes much larger: building teams, entering new markets, expanding technology infrastructure, increasing distribution and competing at scale.
According to Puneet Kumar, CEO of Mirae Asset Venture Investments India, this is an important gap in India’s startup ecosystem. MAVI wants to work with founders at this stage to help them build large and enduring businesses.
This makes MAVOF II particularly relevant to India’s growth-stage startup ecosystem.
The fund is not simply looking for companies that have raised money before. Its focus is on businesses that have demonstrated product-market fit and have the potential to become category leaders in India and global markets.
Also read: https://circleofnews.in/vecton-ai-raises-6-crore-pre-seed-funding/
Which Startups Will Mirae Asset Invest In?
MAVOF II’s investment themes provide a good indication of where MAVI India sees long-term opportunity.
A) Technology platforms
Technology platforms remain one of the largest areas of opportunity in India’s startup ecosystem. These include businesses building digital marketplaces, consumer internet platforms and other technology-led services.
B) Artificial intelligence and software
AI and software are another major focus area.
The broader Mirae Asset investment ecosystem has identified opportunities across generative AI, applied AI and enterprise SaaS, reflecting the increasing role of AI in both consumer and enterprise businesses.
For growth-stage startups, access to capital at this point can help accelerate product development, enterprise adoption and international expansion.
C) Deeptech
MAVI’s focus on deeptech is particularly significant because these companies often require longer development cycles and substantial capital before reaching commercial scale.
Areas linked to the wider Unicorn Growth Fund investment themes include semiconductors, spacetech, robotics and advanced materials.
D) Advanced manufacturing
India’s push towards domestic manufacturing and supply-chain diversification is creating opportunities for startups developing industrial technologies and manufacturing capabilities.
MAVOF II’s focus on advanced manufacturing places the fund in the middle of this broader structural shift.
E) Consumer discretionary
Consumer businesses are also part of the strategy, particularly companies that have already demonstrated strong consumer demand and are ready to expand.
For India’s large and increasingly affluent consumer market, growth capital can help startups expand their distribution, product portfolio and geographic footprint.
Who Is Behind the Fund?
Mirae Asset Venture Investments India is the venture capital investment arm of Mirae Asset Financial Group in India.
MAVI India has been active in the country’s startup ecosystem for around eight years and has invested in companies including Shadowfax, Raise (Dhan) and KreditBee.
The firm is also backed by the broader Mirae Asset global network, which it plans to use to offer portfolio companies more than just financial capital.
MAVI India says it can support founders through strategic partnerships, cross-border market access and institutional backing across its international network.
That could become an important differentiator as Indian startups increasingly look beyond the domestic market.
Connection With the ₹6,000 Crore Unicorn Growth Fund
MAVOF II is backed by the ₹6,000 crore Unicorn Growth Fund, which MAVI India launched in April 2026 in partnership with South Korean technology companies Naver and KRAFTON.
The Unicorn Growth Fund is focused on India’s technology and growth ecosystem, with themes including consumer internet, digital marketplaces, AI, enterprise SaaS, semiconductors, spacetech, robotics and advanced materials.
The relationship between the two funds gives Mirae Asset a broader investment platform through which it can participate in India’s startup ecosystem across different stages and sectors.
Mirae Asset Group globally manages more than $800 billion in assets under management, according to YourStory.
Mirae Asset’s India Startup Strategy
The ₹1,125 crore first close is therefore part of a larger India-focused investment strategy.
The firm has been increasing its focus on Indian technology and growth companies, with the Unicorn Growth Fund providing a large pool of capital and MAVOF II targeting early-growth businesses.
The strategy also reflects a broader change in India’s venture capital landscape.
The first wave of India’s startup ecosystem was dominated by companies proving that digital businesses could scale rapidly. The next phase is increasingly about building profitable, durable and globally competitive companies.
That requires a different type of capital.
Growth-stage startups often need larger cheques, longer-term institutional support and access to international networks. MAVI India is positioning itself around these requirements.
What Happens After the First Close?
The ₹1,125 crore announcement is a first close, not the final corpus.
MAVI India has a target of ₹1,800 crore for MAVOF II and plans to raise additional capital domestically following the first close.
This means the fund could eventually have another ₹675 crore available for investment once the final target is reached.
The next stage will be watching which startups MAVI chooses to back.
Given the fund’s stated focus, companies operating in AI, software, deeptech, advanced manufacturing, technology platforms and consumer businesses are likely to be areas to watch.
What This Means for Indian Startups
For Indian founders, the development is significant because it adds another substantial pool of growth capital at a stage where funding can become more difficult.
A startup may successfully raise seed and Series A funding but still face challenges when it needs significantly larger amounts to scale nationally or internationally.
MAVOF II is designed specifically for that transition.
Its approach also suggests that investors are increasingly looking for businesses with demonstrated product-market fit, strong growth potential and the ability to become category leaders.
That could encourage startups to focus not just on fundraising but on building sustainable businesses that can attract institutional capital at later stages.
The Bigger Picture
Mirae Asset’s ₹1,125 crore first close comes amid continued investor interest in India’s long-term technology and innovation story.
AI, deeptech, advanced manufacturing and consumer technology are increasingly becoming central to India’s economic ambitions.
The country’s startup ecosystem now has thousands of companies across these sectors, but only a smaller group has reached the scale where significant growth capital can accelerate their next phase.
That is precisely the segment MAVOF II is targeting.
With a ₹1,800 crore target corpus, a focus on Series B-D growth opportunities and access to Mirae Asset’s global network, the fund is positioning itself as a long-term partner for startups moving from product-market fit to scale.
The next important chapter will be the companies that make it into the portfolio.
If MAVI India can identify startups capable of becoming category leaders, MAVOF II could become an important source of growth capital for India’s next generation of technology and consumer businesses.
