Naver, Krafton and Mirae Asset are moving to make a large-scale technology investment push in India, aiming to identify promising information technology companies through a “Unicorn Growth Fund (UGF)” that could reach up to 1 trillion won.
Naver said it introduced the UGF to local companies and venture capital firms at a briefing held April 21 in New Delhi. The event was arranged in connection with President Lee Jae-myung’s trip to India.
Attendees included Industry and Trade Minister Kim Jung-kwan; Naver CEO Choi Soo-yeon; Krafton CEO Kim Chang-han; Krafton India head Son Hyun-il; Mirae Asset India Vice Chairman Swarup Mohanty; and Punit Kumar, CEO of Mirae Asset Venture Investment India.
“India is rapidly expanding its AI industry on the back of abundant IT talent and a dynamic startup ecosystem, growing into a center of global digital innovation,” Choi said. She said the UGF will invest in high-growth technology companies in areas including AI, fintech and content, and serve as a platform to create strategic synergies by combining the three firms’ capabilities.
Kim said India is emerging as the world’s fastest-growing gaming market and a hub for technological innovation. He said Krafton will be a mid- to long-term partner that supports promising companies’ global expansion through the UGF.
Choi met April 20 with Commerce and Industry Minister Piyush Goyal to explain the fund’s vision and plans, and the two sides were reported to have formed a positive consensus.
The UGF was formed early this year after Krafton committed 200 billion won, and began operations at more than 500 billion won including contributions from Naver, Mirae Asset and outside investors. The fund could later expand to as much as 1 trillion won, the companies said.
The fund follows the Asia Growth Fund (AGF), jointly created by Naver and Mirae Asset. The AGF invested in major unicorns including India’s food delivery platform Zomato and Southeast Asia’s largest mobility company, Grab.
Separately, Naver said it signed a memorandum of understanding the same day with Tata Consultancy Services, the IT arm of India’s Tata Group, to expand cooperation in AI, cloud and B2C services as it steps up its India strategy.
* This article has been translated by AI.
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