New delhi: Naver Corp. announced the creation of a 700 billion-won (US$476.4 million) investment fund in collaboration with Krafton Inc. and Mirae Asset Group. The fund aims to support companies in the artificial intelligence (AI), fintech, and content sectors within India.
According to Yonhap News Agency, the companies organized an event in New Delhi to introduce the Unicorn Growth Fund (UGF) to Indian companies and venture capital firms. The event was attended by Industry Minister Kim Jung-kwan, Naver CEO Choi Soo-yeon, Krafton CEO Kim Chang-han, and Swarup Mohanty, vice chairman of Mirae Asset Investment Managers India.
The UGF was initially established by Krafton with a 200 billion-won investment earlier this year. Naver and Mirae Asset later contributed an additional 500 billion won to the fund. The partners have plans to expand the fund to a total of 1 trillion won.
Naver stated that the fund's objective is to invest in high-potential technology companies in India, focusing on the AI, fintech, and content sectors. Choi Soo-yeon highlighted India's rapid emergence as a global digital innovation hub due to its IT talent and dynamic startup ecosystem. The UGF is expected to serve as a crucial platform for investing in high-growth tech firms and creating synergies by leveraging the core strengths of the three companies involved.