New Delhi, April 21: South Korean tech giant Naver announced on Tuesday that it has established a fund worth 700 billion won (approximately $476.4 million) to invest in India’s AI, fintech, and content sectors, in collaboration with companies like Krafton and Mirae Asset Group.
According to Naver, the three companies co-hosted an event in the national capital to introduce the Unicorn Growth Fund (UGF) to Indian companies and venture capital firms. The event featured prominent attendees, including South Korean Industry Minister Kim Jung-kwan, Naver CEO Choi Soo-yeon, Krafton CEO Kim Chang-han, and Mirae Asset Investment Managers India’s Vice President Swaroop Mohanty.
As reported by South Korean news agency Yonhap, the UGF was established earlier this year with an initial investment of 200 billion won from Krafton, followed by a joint contribution of 500 billion won from Naver and Mirae Asset. These companies have agreed to increase the fund to 1 trillion won.
Naver stated that the fund aims to invest in high-potential tech companies in India’s AI, fintech, and content sectors.
Choi remarked, “With its vast IT talent and dynamic startup ecosystem, India is rapidly emerging as a global hub for digital innovation while expanding its AI industry ecosystem.”
He added, “The UGF will serve as a crucial foundation for investing in high-growth tech companies and creating synergies by combining the core capabilities of all three firms.”
Additionally, Naver signed a memorandum of understanding (MOU) with Tata Consultancy Services (TCS) to explore business opportunities in the South Asian country.
This agreement was signed during the South Korea-India Business Forum, organized by the Federation of Korean Industries in New Delhi. Key figures present included South Korean Industry Minister Kim Jung-kwan, Naver CEO Choi Soo-yeon, Commerce Minister Piyush Goyal, and TCS Chairman Ujjwal Mathur.
Under the agreement, Naver and TCS will leverage their capabilities in AI, cloud, and business-to-consumer (B2C) services to capitalize on opportunities in AI and digital transformation, with a particular focus on the Indian market.
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