Matrix Partners India Rebrands to Z47

SUMMARY

Matrix Partners said the name change will clarify its local approach and organisational independence of each of its teams

Matrix Partners India said that the name Z47 is inspired by India’s journey towards becoming a developed country by 2047

With this, Matrix Partners has joined the likes of Sequoia India (Peak XV Partners now) and 9Unicorns (now 100Unicorns) in undertaking a rebranding exercise

US-based investment firm Matrix Partners’ Indian arm will rebrand into a new avatar under the name of Z47 starting July 1.

In a statement, the investment firm said that the name change is part of the larger renaming and organisational update to clarify the local approach and the organisational independence of the local teams.

As part of the larger rebranding exercise undertaken across the globe, Matrix Partners China will be rebranded as MPC while operations in the US will continue under the name Matrix.

“The decision to rename is driven by a shared commitment to clarity in the marketplace, responsiveness to regional market dynamics and a continued focus on competing locally, which will benefit each organisation’s respective portfolio companies, investors, and partners,” Matrix Partners added.

In a separate statement, Matrix Partners India said that the name Z47 is inspired by India’s journey towards becoming a developed country by 2047, with the country’s founder and digital ecosystem at the heart of its growth story.

The Indian subsidiary also added that the rebranding will not lead to any change in the firm’s operation and strategy in the country and it will continue to invest in early-stage startups.

Matrix Partners first entered India in 2006 and has since then grown to manage investments to the tune of $1.5 Bn. It has backed more than 100 startups and counts the likes of A23, CreditVidya, Captain Fresh, DailyHunt, Foxtale, and Country Delight in its portfolio.

With this, Matrix India has become the second foreign investment firm to rebrand its India operations. In June 2023, Sequoia Capital spun off Sequoia India & Southeast Asia as a separate entity and rebranded it to Peak XV Partners.

While Peak XV had inherited more than $9 Bn worth of investments in over 400 companies stretching across 13 separate funds, Matrix said its India entity has been independent from the outset.

Back home last month, early stage VC fund 9Unicorns also rebranded itself as 100Unicorns and launched its second fund, 100Unicorns Fund II, with a corpus of $200 Mn.

The rebranding exercise comes over a year after Matrix India rolled out its fourth fund with a size of $525 Mn. As a result, it has been deploying the capital in multiple homegrown startups and has backed the likes of B2B home decor brand Trampoline, GenAI startup Grey Labs AI, and D2C brand Foxtale in recent times.