South Korean heavyweights Mirae Asset, Naver, and Krafton have formed the Unicorn Growth Fund (UGF) with a volume of $600 million for expansion into the Indian technology market. This is a move by Asian giants looking for opportunities in the tech ecosystem. As follows from the results of a meeting between South Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun and Indian Union Commerce and Industry Minister Piyush Goyal, the focus is shifting to growth-stage companies.
In our view, this is a strategic play. Naver plans to provide its expertise in AI and consumer technology, while Krafton intends to use its gaming expertise. The fund focuses on four themes: generative AI and software (applied AI and developer tools), deep tech (robotics, semiconductors, space tech, and advanced materials), consumer discretionary, and technology platforms including next-generation infrastructure.
There is a deep integration of Korean expertise and the Indian ecosystem. Krafton and Naver are not just writing checks, but providing operational support and access to Korean and broader Asian markets. This partnership opens a corridor for advanced materials and space technologies.
For business, this is an important signal: the center of gravity in AI development is expanding. Instead of just waiting for updates from Western companies, it is worth looking at the Seoul-Delhi axis. It is likely that high-precision AI services are being formed there that will soon begin to impact the global market.