Mirae has a $1-billion fund to bankroll Asian startups

South Korean financial services firm Mirae Global Asset Management is setting up an Asia-focused venture capital fund of close to $1 billion with India as one of the key focus geographies, according to people familiar with the matter.
 
The firm has roped in Ashish Dave, a former executive at VC firm Kalaari, to lead India investments, with a focus on mid- to late-stage transactions.
 
Mirae is setting up the fund with South Korean internet conglomerate Naver, best known for promoting messaging application Line. Both companies are initially contributing a total of $200 million to the corpus, which will be increased depending on the opportunities.
 
Dave did not respond to messages and call from ET till the time of going to press.
 
According to the people cited earlier, the fund will also focus on nations including Vietnam and Indonesia, besides select opportunities in China and Japan. “India will get one of the largest allocations from the fund,” one of the persons said.
 
Mirae’s sweet spot is likely to be deals in Series B plus stage, which are typically midstage transactions. Top executives at the firm have already visited India and met several founders and venture capital firms, the person said, adding, “Mirae is still ironing out its strategy for India, but it will focus on consumer internet, financial technology and even non-technology opportunities like consumer brands.”
 
Dave joined Mirae in March this year, before which he was an investment professional at Kalaari for nearly four years. Mirae will be one of the first South Korean investors to set up an office in India. In December 2016, real estate portal NoBroker had said it has raised Rs 50 crore in a round led by KTB Network, a Seoul-based VC firm.
 
Mirae is primarily present in the mutual fund business in India and has said that it plans to ramp up presence in areas like private equity, investment banking and broking businesses in 2018.
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