Matrix Partners Expands New India Fund to $525 Million

Matrix Partners India has expanded the target size for its current fund to $525 million from $450 million previously disclosed, joining a fast-growing list of venture capital funds planning to commit more than half a billion dollars to new ventures. investment initiatives in the South Asian market.

The Indian company, whose portfolio includes Razorpay and Ofbusiness, has raised $518 million for its new fund, fourth for India, and plans to raise another $7 million, it announced in an SEC filing.

The company’s new fund comes at a time when numerous other investors have raised new capital — and almost all at a much faster pace. It did not immediately respond to a request for comment on Tuesday.

Sequoia India and Southeast Asia unveiled a $2.85 billion fund last year, having raised at least three funds in the past three years. Lightspeed Venture Partners, which closed a $275 million fund in 2020, unveiled a new $500 million fund last year. Accel, Elevation Capital and Nexus Venture Partners have also unveiled major new Indian funds over the past year.

Matrix Partners India continues to be a remarkable venture capital fund. Out of 102 unicorn startups in India, 10 belong to Matrix Partners India’s portfolio. By comparison, Elevation Partners is an investor in 12 of them, Accel has invested in 21, and Sequoia leads the pack with 31, according to data insight platform Venture Intelligence.

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