Naver, Krafton, Mirae Asset Establish 700 Billion-Won Fund for AI in India

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 to support companies in the artificial intelligence, fintech, and content sectors in India. The fund, called the Unicorn Growth Fund (UGF), was initially established by Krafton with a 200 billion-won investment earlier this year.

Naver and Mirae Asset later contributed a combined 500 billion won, bringing the total to 700 billion won.

The companies held an event in New Delhi to present the UGF to Indian companies and venture capital firms. The partners have agreed to increase the fund to 1 trillion won. Naver stated that the fund will target investments in high-potential technology companies in India within the specified sectors.

“Building on its abundant IT talent and dynamic startup ecosystem, India is rapidly emerging as a hub of global digital innovation by expanding its AI industry ecosystem," Choi said. "The UGF will serve as a key foundation for investing in high-growth tech firms and creating synergies by combining the core competencies of the three companies," she added. The initiative aims to leverage India's technology landscape for digital innovation. Related developments include recent memorandums of understanding between South Korea and India in sectors such as steel, shipbuilding, and energy, as well as Naver's partnership with a Tata Group IT unit for AI and digital business opportunities in India.”