Mirae Asset Global Investments India, the only independent foreign capital management company in India, is growing rapidly this year as in the previous year.
After establishing a corporation in Mumbai in 2006, Mirae Asset Global Investments launched its first fund in 2008 and has grown to become the 9th largest asset management company in India in 15 years.
Mirae Asset Asset Management is a global asset management company that is building a global network centered on Mirae Asset Financial Group Chairman Park Hyeon-joo.
Although India is an attractive market comparable to China, it is a difficult environment for foreign companies to take root.
In particular, after the global financial crisis, all foreign management companies withdrew, but Mirae Asset Global Investments focused on localization thoroughly and made active investments.
As a result, it managed 21 trillion won in total trust and achieved a profit of 57 billion won at the end of 2022.
“The Indian subsidiary of Mirae Asset Global Investments, which entered the Indian market with a capital of 50 billion won in 2006, steadfastly endured the financial crisis when all foreign management companies withdrew," said Park Hyeon-joo, chairman of Mirae Asset Financial Group. "The company has now grown into a comprehensive financial company with seven subsidiaries.”
Mirae Asset Global Investments has been expanding into various areas, paying attention to India's high growth potential.
The company was approved by the Securities and Exchange Board of India (SEBI) in November 2019 to convert to an operating holding company structure.
Mirae Asset Global Investments is expanding its business areas to Non-Banking Financial Company (NBFC) that lends to real estate and companies, venture capital that invests in Indian startups, and asset management services for high-net-worth individuals.
In particular, India has the fastest-growing startup market among emerging countries, with an investment scale of 60 trillion won and more than 40 unicorn companies.
Mirae Asset Global Investments' venture capital, an Indian subsidiary of Mirae Asset Management, highly evaluates the market's growth potential, with a cumulative investment amount of $350 million, and plans to raise more than KRW 60 billion from Wealth Management (WM) customers to operate the Venture Capital funds.
In line with the rapid growth of India's WM market, the company established a branch in Dubai, United Arab Emirates.
Dubai is geographically close to India, and Indians account for about 35% of the total population, so investment demand for local funds in India is high.
As of the end of 2022, Mirae Asset Asset Management Indian subsidiaries are growing rapidly, with the deposit of 21 trillion won and the number of accounts of 5.5 million.
Meanwhile, the company is leading the practice of warm capitalism in India. Established in 2019, Mirae Asset Foundation India, like the Mirae Asset Park Hyeon Joo Foundation in Korea, carrys out contribution activities working with 9 universities in India to provide scholarship support for university students, support for tuition fees for youth and children from low-income families, and build educational infrastructure such as educational support for the disabled.
