Krafton, Naver, and Mirae Asset Join Forces to Launch ₹6,000 Crore India-Focused Unicorn Growth Fund
In one of the most significant foreign investment announcements of 2026, three of South Korea’s largest technology and financial services conglomerates have joined forces to launch a massive ₹6,000 crore (approximately $600–700 million) investment vehicle aimed squarely at India’s high-growth startup ecosystem .
The Unicorn Growth Fund (UGF) , a partnership between gaming giant Krafton Inc., internet conglomerate Naver Corporation, and financial powerhouse Mirae Asset, represents one of the largest India-focused capital pools ever raised by an Asian technology-led platform . The fund will be managed and advised by Mirae Asset Venture Investments (MAVI) and is designed to partner with founders building category-leading companies with global ambitions .
The announcement was formalized in New Delhi on the sidelines of the official visit of South Korean President Lee Jae-myung to India, underscoring the deepening strategic economic ties between the two nations .
“India is at an inflection point. Over the next decade, we expect a new generation of Indian technology champions built in India, for the world.”
— Puneet Kumar, CEO, Mirae Asset Venture Investments (India)
The Fund Structure: Combining Capital and Capabilities
The Unicorn Growth Fund is structured as a strategic alliance, with each partner bringing distinct strengths to the table:
- Krafton (Gaming & Entertainment): Known globally for the PUBG franchise and its Indian subsidiary Battlegrounds Mobile India (BGMI), Krafton has already invested over $250 million in the Indian market . They bring deep expertise in gaming, interactive entertainment, and scaling technology platforms.
- Naver (AI & Platforms): Often called the “Google of South Korea,” Naver operates the country’s dominant search engine and a vast digital ecosystem spanning e-commerce, cloud computing, webtoons, and AI services . They will provide strategic support in AI and consumer technology.
- Mirae Asset (Capital & Markets): A global financial group with a strong on-the-ground presence in India, Mirae Asset brings extensive capital management capabilities and a proven track record of investing in Indian unicorns like Zomato, BigBasket, and KreditBee .
The fund began operations earlier this year with an initial 200 billion won (approx. ₹1,230 crore) investment from Krafton and has since expanded with contributions from Naver, Mirae Asset, and external investors, with the potential to scale up further .
Focus Areas: Where the Money Will Flow
The fund will primarily target growth-stage startups (soonicorns) —companies that are on the verge of reaching unicorn status . It will focus on four high-conviction themes that are expected to shape the next decade of the Indian technology economy :
- Technology Platforms: This includes consumer internet, digital marketplaces, and next-generation platform infrastructure.
- Consumer Discretionary: Digitally-native brands and new-age consumer businesses that are serving India’s rapidly rising middle class.
- AI & Software: Generative AI, applied AI, enterprise SaaS, and developer tooling.
- Deep Tech: Semiconductors, space-tech, robotics, advanced materials, and frontier science.
“AI will transform many sectors over the next one to two years, hence we want the focus area of this fund to remain flexible.”
— Sean Hyunil Sohn, CEO, Krafton India
A New Chapter for India-Korea Tech Corridor
The launch of the UGF builds on a history of successful collaboration between Indian and Korean enterprises. It follows the earlier Mirae Asset-Naver Asia Growth Fund, which invested in giants like Zomato and Grab . However, this new fund represents a significant escalation in scale and strategic intent.
For Krafton, India is no longer just a market for its games but a potential global game development hub. For Naver, it is a critical frontier for AI-driven companies with global ambition . The fund is expected to act as a bridge, helping Indian startups scale globally while providing Korean companies with a bridgehead into India’s vast innovation ecosystem.
“The Unicorn Growth Fund reflects our long-term commitment to this ecosystem,” said CH Kim, CEO of Krafton Inc., highlighting the strategic importance of India’s transformation from a “consumption-driven market to a creator economy” .
The Road Ahead
With the formal launch now complete, the fund is actively deploying capital. Reports indicate that the fund is already in talks to back instant house-help startup Snabbit with a potential cheque of $50–60 million .
For Indian founders, the entry of such well-capitalized and strategically aligned partners signals that the global appetite for Indian innovation remains robust. By combining Krafton’s product expertise, Naver’s AI capabilities, and Mirae Asset’s financial muscle, the Unicorn Growth Fund is poised to play a pivotal role in shaping the next generation of Indian unicorns.
