Mirae invests over $100M in Indian startups

South Korean financial services firm Mirae Global Asset Management has invested a little more than $100 million across four transactions in India in its first year of operations, with its latest bet of $35 million on ride-hailing major Ola.

The firm plans to continue its pace of investments in India’s startup space, and is also exploring an India-dedicated fund, according to sources briefed on the matter. “The plans for the fund are still early and it could be $100-200 million,” said one of the sources mentioned earlier.

Mirae had set up operations in April last year after it roped in Ashish Dave, a former executive at venture capital firm Kalaari, to lead India investments, with a focus on mid- to late-stage transactions.

The firm has emerged as one of the most active investors with plans to invest $10-100 million in each transaction. “We have multi-stage and multi-sector funds, which gives us the flexibility in early stage startups and unicorns as well,” said Dave when contacted by TOI. However, he declined to comment on plans for a fund.

Mirae has several pools of capital, including a $1-billion fund with South Korean internet major Naver for late stage deals and a smaller venture capital fund as well. Mirae closed its first investment in logistics company Shadowfax, followed by co-living space company Zolostays. Earlier this year, it led a $150-million round in online grocer Bigbasket, valuing the company at over $1 billion.

The latest investment in Ola is a part of Mirae’s global bet on the space. “Mobility is an important sector for us from an investment perspective. In past few years, we have invested in market leaders such as Didi Chuxing (China) and Grab (Southeast Asia). With Ola, we now have an exposure to the largest player in Indian mobility space,” said Dave.