Naver, Krafton Launch Unicorn Growth Fund in India

NEW DELHI, India — Naver Corp., Krafton Inc., and Mirae Asset held a briefing in New Delhi on Tuesday to announce the "Unicorn Growth Fund" (UGF), an investment vehicle with a targeted maximum size of KRW 1 trillion.

The briefing, organized alongside South Korean President Lee Jae-myung’s state visit to India, was directed at local enterprises and venture capital firms.

Attendees included South Korea's Minister of Trade, Industry, and Energy Kim Jung-kwan, Naver CEO Soo Yeon Choi, Krafton CEO Changhan Kim, Head of Krafton India Son Hyun-il, and executives from Mirae Asset's Indian operations.

The UGF currently has more than KRW 500 billion in capital.

The fund was initiated earlier this year with a KRW 200 billion commitment from Krafton, which has since been combined with investments from Naver, Mirae Asset, and external sources.

According to the companies, the fund aims to invest in high-growth technology companies in India, specifically in the artificial intelligence, financial technology, and digital content sectors.

The UGF follows the "Asia Growth Fund," a previous joint venture between Naver and Mirae Asset that invested in companies including Indian food delivery platform Zomato and Southeast Asian mobility firm Grab.

Naver CEO Choi said the fund would integrate the core capabilities of the three participating companies to invest in India’s AI sector.

Krafton CEO Kim said the company intends to act as a mid- to long-term partner to Indian technology companies, referencing the country’s gaming and content markets.

South Korean Trade Minister Kim said the investment initiative could support South Korean companies’ entry into emerging markets.

Prior to the briefing, Naver CEO Choi met with India's Minister of Commerce and Industry Piyush Goyal on April 20 to present the fund's operational framework.

Separately, Naver announced on April 20 that it had signed a memorandum of understanding with Tata Consultancy Services, the IT services subsidiary of Tata Group.

The agreement focuses on exploring business opportunities in artificial intelligence, cloud infrastructure, and business-to-consumer services to support Naver's entry into the Indian market.