Krafton, Naver, and Mirae Asset Begin Full-Scale Tech Investment in India with KRW 1 Trillion Fund

Krafton, Naver, and Mirae Asset held a commemorative meeting for the formation of the "Unicorn Growth Fund" (UGF) with a maximum size of KRW 1 trillion on the 21st (local time) in New Delhi, India.

At a commemorative meeting for the establishment of the Unicorn Growth Fund (UGF) held in New Delhi, India on the 21st (local time), Taewan Kwon, CFO of Mirae Asset India (from the left), Hyunil Son, Head of Krafton India, Changhan Kim, CEO of Krafton, Jonggwan Kim, Minister of Trade, Industry and Energy, Suyeon Choi, CEO of Naver, Punit Kumar, CEO of Mirae Asset Venture Investment India, and Donghyun Koo, Executive Director of Naver, are taking a commemorative photo. Provided by Krafton

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Organized during President Jaemyung Lee's official visit to India, this event introduced the fund to local companies and venture capital firms. Attendees included Changhan Kim, CEO of Krafton, Suyeon Choi, CEO of Naver, Hyunil Son, head of Krafton India, Swaroop Mohanty, Vice Chairman of Mirae Asset India, and Punit Kumar, CEO of Mirae Asset Venture Investment India. Jungkwan Kim, Minister of Trade, Industry and Energy, also attended as the representative of the Korean government.

The UGF was created with KRW 200 billion invested by Krafton, and a total fund size exceeding KRW 500 billion combined with contributions from Naver, Mirae Asset, and external investors. The fund was established earlier this year and recently began full-scale operations.

Since establishing its Indian subsidiary in 2020, Krafton has invested approximately USD 250 million in India. The cumulative downloads of "Battlegrounds Mobile India (BGMI)" have reached 260 million. Krafton stated, "Based on this experience, we are continuing activities aimed at fostering the overall growth of the game industry ecosystem, including not only game services but also esports and support for local development capabilities." The company added, "Going forward, we plan to further strengthen our strategic position in the local market by cooperating with the Indian government and industry."

Naver is accelerating its entry into the Indian market. The day before, it signed an agreement with Tata Consultancy Services, the IT affiliate of India's largest conglomerate Tata Group, to pursue collaboration in the AI cloud B2C service sector. Naver's strategy is to expand business opportunities based on partnerships with local companies.

CEO Changhan Kim stated, "India is the fastest-growing game market in the world and is emerging as a hub of content and technological innovation. Based on our experience contributing to the local game ecosystem, Krafton will become a mid-to-long-term partner supporting the global advancement of promising Indian companies through the UGF."

CEO Suyeon Choi commented, "India is rapidly growing as a hub of global digital innovation by expanding its artificial intelligence (AI) industry ecosystem, leveraging a wealth of IT talent and a dynamic startup environment. The UGF will invest in high-growth technology firms in AI, fintech, and content, centered on India, and will serve as a strategic foundation that organically combines the core competencies of the three companies to generate strategic synergy."

Minister Jungkwan Kim said, "If these three companies, representing Korea's IT, entertainment, and finance sectors, begin investing in Asian technological innovation in earnest, it will not only expand the global presence of our industries but also provide a strong bridgehead for Korean companies to enter India and other emerging markets."

Meanwhile, CEO Changhan Kim, who joined this year's second economic delegation, met with Piyush Goyal, India's Minister of Commerce and Industry, to build consensus on the UGF's vision and further strengthened collaboration with the Indian government and industry. He attended major official events such as a business luncheon with the heads of state and key business leaders, as well as the Korea-India Business Forum, to discuss economic cooperation. Previously, he met with Sujeet Kumar, a member of the Indian parliament, to exchange views on the role of the gaming industry in the digital economy and the importance of India in Krafton's global strategy.

At the Korea-India Business Forum, Hyunil Son, head of Krafton India, gave a key presentation on Krafton's business and investment status in India and trends in the Indian interactive media market. At the Business Partnership Showcase hosted by KOTRA, Krafton participated as a leading company successfully entering the Indian market. The company emphasized that, based on the high recognition of "Battlegrounds Mobile India (BGMI)" in the local market, its participation drew attention to the showcase overall and served as a representative case demonstrating the success of Korean companies expanding into India.

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