Mirae Global injects INR 1,240 Cr into Mirae Asset Capital Markets, fueling an expansion of brokerage platform m.Stock and enhancing business-to-customer reach. The funding bolsters institutional business and investment banking while affirming confidence in the team and innovative financial solutions. Mirae’s total funding raised in India now amounts to INR 3,190 Cr.
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South Korea-based financial services company Mirae Global has invested INR 1,240 Cr into its Indian subsidiary, Mirae Asset Capital Markets. The funding will primarily be used to expand its brokerage platform, m.Stock, and strengthen its business-to-customer (B2C) reach. Mirae stated that the capital infusion aims to establish a solid foundation for its institutional business and investment banking verticals. With this latest investment, Mirae Asset Capital Markets in India has raised a total of INR 3,190 Cr in funding to date.
The chief operating officer and additional director of Mirae Asset Capital Markets, Robinson Francis, expressed confidence in the business model, team, and potential accomplishments of providing comprehensive and innovative financial solutions to clients across the country.
Mirae outlined its plans to utilize the capital, which include enhancing IT infrastructure, delivering a seamless customer service experience, and expanding into new areas. The company also highlighted its brokerage platform, m.Stock, which it believes is well-positioned to disrupt the market with its technology-driven approach. Since its launch in the previous year, m.Stock claims to have facilitated INR 1.4 Lakh Cr in turnover and currently boasts over 2.5 Lakh paid accounts.
Mirae Asset has been present in India for a significant period and has made investments in prominent Indian startups such as Ola, Bigbasket, Zomato, Trell, and Shadowfax. The company has joined a growing list of global firms that have increased their investments in India or accumulated dry powder in the past year.
In addition to Mirae’s investment, other international firms have also demonstrated their interest in the Indian market. US-based investment firm B Capital recently closed its third venture growth fund at $2.1 Bn, a portion of which will be allocated to Indian startups. Capria Ventures, a global venture capital firm, announced the first close of its $100 Mn fund focused on investing in 20-25 tech startups across India and other countries. Furthermore, the Indian arm of Matrix Partners increased the size of its fourth India-focused fund to $525 Mn from $450 Mn earlier this year.
