Matrix Partners looks to raise $450 million in funds to back startups
- ByStartupStory | June 22, 2022
Leading venture capital company Matrix Partners India to raise $450 million as part of its fourth fund. Through regulatory filings with the US SEC, Matrix Partners India disclosed this information (Securities Exchange Commission). Its third fund, which was closed in 2019, was $300 million in size.
The VC company was founded in 2006 by Bajaj and Rishi Navani and makes investments in a range of industries, including fintech, business, B2B, and consumer technology, among others. It has made more than 100 investments in India and currently manages more than $1 billion. Ola, Razorpay, Ofbusiness, and other prominent brands are among its portfolio.
Matrix Partners India has started an India-focused fund, joining other top VC companies like Sequoia Capital, Accel, and Elevation Capital. A $2.85 billion fund for India and South East Asia, with $2 billion going to the South Asian nation, was recently launched by Sequoia. Matrix Partners India is one of the most active venture capital firms in India over the past year. It made 29 investments last year, 10 of them were new wagers.
The VC company made the announcement of the financing while the Indian startup ecosystem is now experiencing a slowdown in the inflow of capital, which is anticipated to become more noticeable in the upcoming months. However, the additional funding received by these renowned VC companies also bodes well for Indian entrepreneurs.
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