Matrix Partners raises $300 mn for third India fund
Photo Credit: Shah Junaid/VCCircle

Multi-stage investment firm Matrix Partners has raised $300 million (Rs 2,100 crore) for its third India-dedicated fund.

The new fund--Matrix Partners India III, LLC–raised the money from 43 investors, a filing with the US Securities and Exchange Commission (SEC) shows.

Matrix Partners India founder Avnish Bajaj declined to comment.

Incorporated in 2006, Matrix Partners India has over the years changed from a quasi-private equity investor to a conventional venture capital firm with a focus on tech startups.

The venture capital firm, which was started by Bajaj and Rishi Navani, had launched its first fund with a corpus of $150 million and later topped it up to $300 million. Subsequently, it raised $300 million for its second fund in 2011. 

Five years later, when talks of floating a new fund were doing the rounds, Matrix Partners announced the extension of the second fund by $110 million in 2016.

The same year, Navani quit Matrix Partners to float a new investment firm christened Epiq Capital.

Matrix has so far backed more than 60 companies including ANI Technologies Pvt. Ltd, one of India’s showcase unicorns and the company behind cab-hailing firm Ola; mobile payment services firm Mswipe; digital healthcare firm Practo; and social commerce platform Limeroad.

Early on Thursday, Matrix Partners said it has invested in &ME, a Bengaluru-based food and beverage brand focused on women’s health and wellness.
Its other recent investments include automated scooter-sharing platform Vogo Automotive and blockchain startup Elemential.

Venture capital fundraising
Matrix Partners joins other big and small venture-capital firms that reached fundraising milestones earlier this year.

In July, Lightspeed India Partners had raised its second fund of $175 million (Rs 1,200 crore).

In June, home-grown venture capital firm Nexus Venture Partners had raised 70% of the targeted $450 million (Rs 3,005 crore) for its new fifth fund.

Saama Capital raised $100 million (Rs 650 crore) for its new fund, Saama Capital IV, in April.

India Quotient marked the first close of raising money for its third fund at $30 million (Rs 195 crore), Fireside Ventures marked the final close of its debut fund at Rs 340 crore (about $52 million) and Prime Venture Partners announced the close of its third fund at Rs 400 crore (about $60 million) in the first quarter.

Meanwhile, Sequoia Capital, Lightbox and Blume Venture Partners are on the road or set to hit the road for launching new funds.

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