Source: NAVER

On the 21st (local time), NAVER Corp. (CEO Choi Soo-yeon), alongside KRAFTON and Mirae Asset, held a ceremony in New Delhi, India, to mark the establishment of the 'Unicorn Growth Fund (UGF),' which aims to reach up to ₩1 trillion in size.

The event was organized to introduce the UGF to local Indian companies and venture capitalists in conjunction with President Lee Jae-myung's state visit to India. Attendees included Minister of Trade, Industry and Energy Kim Jeong-gwan, NAVER CEO Choi Soo-yeon, KRAFTON CEO Kim Chang-han, KRAFTON India CEO Son Hyun-il, Mirae Asset India Vice Chairman Swarup Mohanty, and Mirae Asset Venture Investment India CEO Puneet Kumar.

"India is rapidly growing into a hub of global digital innovation, expanding its AI ecosystem based on a wealth of IT talent and a dynamic startup environment," said CEO Choi Soo-yeon. "The UGF will serve as a core foundation for investing in high-growth tech companies in sectors like AI, fintech, and content, while creating strategic synergies by organically combining the core competencies of our three companies."

KRAFTON CEO Kim Chang-han added, "India is the world's fastest-growing gaming market and is leaping forward as a hub for content and technological innovation. Building on our experience in contributing to the local gaming ecosystem, KRAFTON will act as a long-term partner through the UGF to support the global expansion of promising Indian companies."

Minister of Trade, Industry and Energy Kim Jeong-gwan stated, "If these three companies, representing Korea's IT, entertainment, and finance sectors, begin full-scale investment in Asian tech innovation centered on India, it will not only serve as an opportunity to expand the global reach of our industries but also act as a solid bridgehead for other domestic firms entering emerging markets like India."

Prior to the event, CEO Choi Soo-yeon met with Indian Minister of Commerce and Industry Piyush Goyal on the 20th to explain the vision and future plans for the UGF, with Minister Goyal expressing his support for the fund's objectives.

The UGF began operations earlier this year with an initial investment of ₩200 billion from KRAFTON, reaching a total size of over ₩500 billion when combined with capital from NAVER, Mirae Asset, and external investors.

This fund is a successor to the 'Asia Growth Fund (AGF)' jointly established by NAVER and Mirae Asset. The AGF previously achieved success by investing in unicorn companies such as Zomato, India's leading food delivery and quick-commerce platform, and Grab, the largest mobility platform in Southeast Asia.

Meanwhile, NAVER is accelerating its entry into the Indian market. On the 20th, the company signed a Memorandum of Understanding (MOU) with Tata Consultancy Services Limited, the IT arm of India's largest conglomerate, the Tata Group, to build a strategic partnership for identifying new business opportunities in AI, cloud, and B2C services.