Matrix Partners India Tops Up Its Second Fund With $110 Mn

Mumbai-based early stage venture capital firm Matrix Partners India has raised additional $110 Mn (INR 730 Cr) to top up its second fund.

The firm has raised the additional corpus from its existing investors or limited partners who provide the capital invested by venture firms. With this, Matrix Partners India will have a total corpus of $400 Mn in its second fund.

Matrix Partners India had raised $300 Mn for its India-focused second fund in 2011. Its first India fund, of $150 Mn, was raised in 2006, and an additional $150 Mn was raised in 2007.

Avnish Bajaj, managing director of Matrix Partners, who expects his fund to raise a third fund in the second half of 2017, said, “The reason why we are not raising a full-fledged fund right now is because we are more focused right now on exits.”

The fundraise comes at a time when the VC firm’s co-founder Rishi Navani is leaving the firm. However, Navani will continue to work with several portfolio companies of Matrix Partners, even after he moves out to set up a late-stage and public markets-focused investment fund.

Things You Should Know About Matrix Partners

Matrix Partners is a US-based private equity investment firm focusing on venture capital investments. The firm has set up two offices in India and invests through separate India-dedicated funds. Matrix Partners India was established in 2006.

The firm generally invests in early stage and late stage ventures.

Key People: Avnish Bajaj, Rishi Navani

Investment Structure: Invests between $2 Mn to $100 Mn in its portfolio companies.

Industries: Mobile-tech, Consumer, Healthcare, Internet and Software.

Startups Funded: The firm has invested in over 20 startups in India which include Cloudnine, Dailyhunt, mSwipe, Practo, Ola, Stayzilla, Purple Squirrel, Red Monster Games, WeAreHolidays, Quikr, Chumbak, Razorpay, Treebo Hotels, and Woo, among others.

As of this year, Matrix Partners India has invested in fintech startup Finomena, ecommerce marketplace OfBusiness. Whereas, Matrix Partners-backed video micro-blogging platform FranklyMe has reportedly shut down this year.

Partnership: Earlier in 2015, Matrix Partners had partnered with real estate developer K Raheja to start a co-working space for startups in Powai.

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