Mirae Asset Venture Investments (MAVI), the venture investment platform of Mirae Asset Financial Group in India, has successfully raised 1125 crore rupees during the first closing phase of its Mirae Asset Venture Opportunity Fund – II (MAVOF II/Fund), which has a total size of 1800 crore rupees.
This fund is supported by the Unicorn Growth Fund, which MAVI India previously announced this year in partnership with Naver and KRAFTON. Naver is a leading Korean internet platform covering search engines, content, commerce, fintech, cloud technology, and media across Asia. KRAFTON is a major global gaming company behind projects such as PUBG and BGMI.
MAVOF II represents the company's third specialized private fund focused on India. According to the statement, the fund will collaborate with early-stage growth enterprises in the sectors of technology platforms, artificial intelligence/software, deep tech, advanced manufacturing, and consumer goods, which are expected to shape the next phase of the Indian economy.
Following the first closing, the fund plans to concentrate on attracting domestic capital to strengthen its presence in India.
According to Puneet Kumar, CEO of Mirae Asset Venture Investments India, the Indian startup ecosystem continues to show a significant funding gap between Series B and Series D stages, which typically pertains to growth capital.
Kumar noted: 'Through the Mirae Asset Venture Opportunity Fund – II, we aim to partner with founders at this crucial stage of their journey and help them build large, long-term companies.'
Puneet Kumar joined MAVI India as CEO from Steadview Capital earlier this year. MAVI India announced the Unicorn Growth Fund earlier this year and has been actively investing in India for the past eight years. Previously, the company invested in startups such as Shadowfax, Raise (Dhan), and Kreditbee.
MAVI India stated that through its global network spanning Asia and other international markets, it intends to support Indian entrepreneurs not only with growth capital but also with strategic partnerships, access to cross-border markets, and long-term institutional support.
The Unicorn Growth Fund is an India-focused technology fund with a size of 6000 crore rupees, launched in April 2026. Overall, Mirae Asset Group manages assets worth over $800 billion.
Thrive Holdings successfully raised $2 billion in new funding with the company valued at $12 billion. The financing was led by SoftBank, D1 Capital Partners, and Altimeter Capital. This round marked the first external venture investment for the company.
Previously, the company relied on commitments from institutional investors of Thrive Capital. Thrive Holdings, based in New York, was spun out from Thrive Capital in 2025. Thrive Capital's founder, Joshua Kushner, invested in major technology companies, including OpenAI, Stripe, and SpaceX.
Thrive Holdings employs a different approach, acquiring existing businesses before implementing artificial intelligence. Currently, the company focuses on accounting and information technology services, managing over 70 businesses across its platforms. The company believes that fragmented service businesses offer significant opportunities for transformation through AI.
Thrive Holdings' accounting platform, named Current, includes more than 50 firms and serves over 2,000 accounting specialists. According to the company, TaxAI agents processed over 7,000 tax returns, achieving 98% accuracy. Furthermore, TaxAI was able to reduce tax preparation time by more than 30%.
The company's second platform, Shield, is focused on IT services. Approximately 20 companies operate within the Shield platform. Thrive claims that AI-powered tools have reduced IT support request resolution time by 36 times.
The company's operating model differs from traditional enterprise software companies: Thrive Holdings first acquires companies and then integrates AI into their operations, combining technology with the expertise of existing professionals.
A portion of the funds raised will be directed towards supporting a third platform that will focus on physical infrastructure. This platform will target regulatory services required for the construction and operation of physical assets, such as permits, inspections, technical documentation, and compliance processes.
Target sectors include data centers, manufacturing, healthcare, as well as energy and water supply infrastructure. Thrive believes these markets share similarities with accounting and IT services: they are fragmented, operationally complex, and heavily reliant on professional expertise. They also involve extensive administrative procedures that can cause costly delays.
Anuj Mehndiratta, one of the founders of Thrive Holdings, emphasized the potential in infrastructure. He noted that the United States needs modernization and construction of more critical infrastructure, but local and regulatory complexities can slow down large projects. Thrive plans to use AI to eliminate these bottlenecks, without expecting AI to replace fieldwork or final specialist approval.
The technology will assist in research, report generation, and permit preparation, as well as tracking compliance and inspection documentation, while maintaining human involvement and reducing routine administrative burden.
Due to its close ties with OpenAI through its parent company, Thrive Capital has invested billions of dollars in OpenAI across several funding rounds. OpenAI also received a stake in Thrive Holdings in December 2025. This partnership provides Thrive Holdings with direct access to expert AI knowledge and supports its strategy of integrating AI into existing businesses.
As companies increasingly seek support in implementation rather than just autonomous software tools, Thrive Holdings now intends to test its model outside of the accounting and IT sectors, recognizing that physical infrastructure presents a more complex environment for AI deployment.
Business Partners Limited, which is partially state-owned, has launched a project to employ youth worth R150 million. This initiative aims to assist small businesses in attracting young people who are currently unemployed.
According to Statistics South Africa, approximately 4.7 million people aged between 15 and 34 were unemployed in the first quarter of 2026. Business Partners, founded in 1981 as the Small Business Development Corporation and later renamed, holds a 21.6% state stake through the Small Enterprise Finance Agency (SEFA).
On Wednesday, the company launched the Youth Employment Fund for SMEs amounting to R150 million. The fund's goal is to help small and medium enterprises create jobs for youth while simultaneously promoting business growth. These funds will be distributed among approximately 220 SMEs to create nearly 1,000 new jobs for individuals aged 18 to 35.
This announcement comes amid the ongoing youth unemployment crisis in South Africa, where, according to the latest Quarterly Labour Force Survey, about 4.8 million young South Africans remain jobless. The fund will provide qualified SMEs with financing ranging from R250,000 to R2 million, specifically designated for costs related to hiring new employees.
Representatives of the MK Party also expressed concern over unemployment, emphasizing that many young people face difficulties finding work despite the country's rich resources and growth potential. The party stated that solving youth unemployment requires a comprehensive approach involving collaboration between the government, the private sector, and civil society.
Jeremy Lang, Managing Director of Business Partners, believes that SMEs are the main drivers of the economy and job creation in the country. He noted that SMEs often invest in young talent first, providing work experience and creating opportunities in communities with limited prospects for formal employment.
According to Lang, through the Youth Employment Fund, SMEs aim to support viable, expanding businesses by reducing hiring-related cost barriers, allowing them to attract more young South Africans into the economy. The fund is expected to support around 220 SMEs and help create almost 1,000 new jobs.
The company specified that to participate in the program, businesses must meet certain criteria: they must have at least two years of operational history, be viable and solvent at the time of application, and demonstrate a clear plan for creating new jobs. The financing will cover labour-related expenses for up to two years.
To improve access to funds for SMEs, the Fund offers an initial grace period of six months, during which only interest is paid. The financing rate is typically Prime minus 2%, but the final price is determined individually for each application.
Lang stressed that recipients cannot use the funds for other purposes. Proof of new employees, along with employment contracts and payroll reporting to SARS, must be provided. Payments are made in tranches based on achieving specific milestones: one initial payment, a second after six months, and a final one after 12 months, provided proof of diligent employees is submitted.
He also reported that after each period, Business Partners will require documentary confirmation of fund usage. Lang explained that the fund is a loan with an accessible interest rate, which must be repaid within 60 months, with the first six months only requiring interest payments.
Lang noted that although Business Partners has previously run youth development projects, unemployment remains a serious issue requiring partnership between business and government. He pointed out that the youth unemployment rate under 35 is averaging 40%, which could lead to significant economic and social instability.
He stated that the government must lay the foundation for creating sustainable jobs. While the government implements skills development programs, these skills must be integrated into the economic system through new jobs. Lang added that the government itself does not possess sufficient capacity to absorb a large number of employees due to pressure on the wage bill.
In Lang's view, jobs will primarily be created by SMEs, as they play a significant role in generating such opportunities. However, he also noted that SMEs face growth challenges due to fuel prices and wage costs. He called on the government to simplify doing business, reduce bureaucratic hurdles, ease licensing, and significantly simplify the tax regime.
The investment house Piper Serica, based in Mumbai and engaged in public and private market investments, has raised ₹300 crore during the first close of its Bharat Tech Fund, which has a total size of ₹800 crore.
According to the statement, nearly half of the commitments made at the first close came from existing Fund I investors, including institutional investors, family offices, and high-net-worth individuals.
Bharat Tech Fund, classified as an AIF Category 2, will focus on Indian startups in areas such as semiconductors, defense industry, space technology, fintech, robotics, biomedicine, and advanced electronics.
The fund plans to invest approximately between ₹25 and ₹50 crore in each startup, aiming to support companies developing world-class technologies in India.
At the first close, Ajay Modi, Director of Piper Serica, noted that the interest in Bharat Tech Fund demonstrates that investors view deep technology as a long-term opportunity, supported by the strong momentum shown through Fund I. He expressed confidence that the next generation of global Indian companies will emerge from founders solving complex problems through research, development, and science.
Piper Serica also reported having a very high-quality deal portfolio where deep technology companies generate significant revenue and secure large orders. Startups supported by Fund I included Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility.
The firm has been investing in the deep technology segment since 2022 and possesses an experienced investment team and expert staff. Modi emphasized: 'Our goal is to support entrepreneurs who create strong intellectual property and globally competitive businesses from India. We believe that India has the talent, policy support, and market opportunities to become a global leader in deep technology.'
Piper Serica had initially planned to complete the closing of Bharat Tech Fund by December of this year, but due to investor interest, it now expects to close the fund ahead of schedule.
