Industry Minister Kim Jung-kwan, center, Naver Chief Executive Officer (CEO) Choi Soo-yeon, third from right, and Krafton CEO Kim Chang-han, third from left, pose for a photo during an event to introduce the Unicorn Growth Fund in New Delhi, India, Tuesday (local time). Courtesy of Naver
Naver said Tuesday it has created a 700 billion-won ($476.4 million) investment fund with Krafton and Mirae Asset Group to foster companies in the artificial intelligence (AI), fintech and content sectors in India.
The companies co-hosted an event in New Delhi to introduce the Unicorn Growth Fund (UGF) to Indian companies and venture capital firms, attended by Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Krafton CEO Kim Chang-han and Swarup Mohanty, vice chairman of Mirae Asset Investment Managers India, according to Naver.
The UGF was initially set up by Krafton with a 200 billion-won investment earlier this year, followed by Naver and Mirae Asset, which contributed a combined 500 billion won. The partners have agreed to expand the fund to 1 trillion won.
Naver said the fund aims to invest in high-potential technology companies in India across AI, fintech and content 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.
Source: Korea Times News
