The Ministry of SMEs and Startups said on the 17th (local time) in Bengaluru, India, that it held a "Korea-India venture investment meet-up" with Korea Venture Investment Corporation and the Korea Venture Capital Association to expand Korean startups' overseas entry.
About 30 officials, including venture capital (VC) figures from Korea and India, attended the event. The two countries' venture capital associations (KVCA-IVCA) signed a memorandum of understanding (MOU), and Korea's mother fund and a global fund were also signed.
India has a large domestic market and human resources. As of last year, it also has a venture investment market of about $990 million.
The MOU between the two countries' venture capital associations includes attracting investment and support for market entry, sharing information on the venture ecosystem, and expanding networking among investors. After the MOU signing, there were introductions to Korea's mother fund and a global fund, followed by presentations from leading Indian VCs. Attendees explored the current state of the venture investment ecosystem and possibilities for cooperation.
Mok Seung-hwan, Deputy Minister for Startup and Venture Innovation at the Ministry of SMEs and Startups (MSS), said, "The business agreement between the venture capital associations representing both countries is a meaningful starting point for cooperation in the private investment sector, and is significant in that it opened the channel to connect the ecosystems," adding, "We hope this event will serve as a springboard for Korea and India to expand cooperation and exchanges in the venture ecosystem and to leap forward together as Asia's leading innovation ecosystem."
Deputy Minister Mok visited a Gopizza store, a Korean startup that has entered the Indian market, to review the status of local operations. He also checked the "Pinkfong Baby Shark kids' menu," set to launch in September through a collaboration between Gopizza and the global family entertainment company The Pinkfong Company, and delivered products to local children and families.