South Korean expertise companies KRAFTON Inc. and Naver Company have joined forces with Mirae Asset Enterprise Investments to launch a Rs 6,000 crore ($642 million) fund aimed toward supporting high-growth Indian startups.

The “Unicorn Development Fund”, first announced in December, is among the many largest swimming pools of capital raised from Asia for India’s startup ecosystem. Its official launch adopted a high-level assembly attended by India’s commerce minister Piyush Goyal and South Korea’s commerce minister Jung Kwan Kim, alongside senior leaders from the collaborating companies.

The initiative comes amid continued investor curiosity in India’s expertise sector, together with startups benefiting from speedy digital adoption and a rising entrepreneurial base. 

The fund will goal growth-stage corporations throughout 4 key areas, together with expertise platforms, consumer-focused companies, AI and software program, and deeptech.

AI and software program investments will span generative and utilized AI, enterprise software program and developer instruments. In the meantime, deeptech funding will lengthen to sectors corresponding to semiconductors, robotics, spacetech and superior supplies.

The fund goals to help corporations with the potential to grow to be class leaders globally, whereas additionally offering entry to experience in product growth, gaming and AI from its South Korean companions.

It’s anticipated to supply Indian startups pathways into Korean and broader Asian markets, strengthening cross-border collaboration in expertise.

“India is at an inflection level. Over the subsequent decade, we anticipate a brand new technology of Indian expertise champions to be inbuilt India, for the world. As fund supervisor and advisor of the Unicorn Development Fund, Mirae Asset is privileged to carry collectively KRAFTON and Naver’s strategic capabilities with our on-the-ground investing platform in India,” mentioned Puneet Kumar, CEO, Mirae Asset Enterprise Investments (India) Personal Restricted.

“India is quickly rising as a world hub for digital innovation, powered by distinctive expertise and a vibrant startup ecosystem. Constructing on our expertise investing in main Indian platforms, NAVER sees sturdy potential to help the subsequent technology of AI-driven corporations with international ambition. By the Unicorn Development Fund, we purpose to mix capital, expertise, and strategic partnerships to assist Indian innovators scale globally,” mentioned Soo-yeon Choi , World CEO, Naver Company.

“India is likely one of the most necessary markets forKRAFTON, not only for its scale however for its potential as a world recreation growth hub. With a powerful base of younger, expert expertise expertise and enhancing digital infrastructure, we see India evolving from aconsumption-driven market to a creator financial system for gaming. The Unicorn Development Fund displays our long-term dedication to this ecosystem,” mentioned CH Kim, CEO, KRAFTON Inc.

The fund will likely be managed by Mirae Asset Enterprise Investments, which has beforehand backed Indian startups throughout sectors together with fintech, mobility, healthcare and synthetic intelligence.