Mirae Asset marks first close of MAVOF II at Rs 1,125 Cr

Mirae Asset Venture Investments India, or MAVI India, has announced a first close of MAVOF II at Rs 1,125 Cr. The target corpus for the fund is Rs 1,800 Cr.

State the stage plainly, because the shorthand around this one misleads. A first close means the fund can begin deploying against capital that is already committed. It does not mean the raise is done. Roughly Rs 675 Cr of the target is still to be gathered, and funds do miss their targets. The fund has not closed at its final size.

The mandate covers Indian startups across technology platforms, AI and software, deeptech, advanced manufacturing and consumer discretionary. It is backed by the Rs 6,000 Cr Unicorn Growth Fund launched in April 2026 in partnership with KRAFTON and Naver. Cheque sizes were not specified.

Read the mandate, not the headline

The interesting line is the mandate itself. Consumer discretionary sitting in the same fund as deeptech and advanced manufacturing is a statement. It says a house with this much capital still considers Indian discretionary consumption fundable next to the hardest technology bets on the list, and is willing to price both from the same pool.

For consumer founders that cuts two ways. Capital exists, which is the good news. But you are being underwritten by an investment committee that also sees semiconductor and AI infrastructure deals in the same week. Those comparisons are made on capital efficiency and gross margin durability, not on GMV growth.

So if you plan to raise from a generalist fund with a mandate this wide, lead with contribution margin by channel, repeat rate by cohort, and how much of last year’s growth came from paid spend. Bring the numbers a hardware investor would recognise.

Watch for the final close before you treat the full Rs 1,800 Cr as available.