Matrix Partners Expands New India Fund to $525M

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Matrix Partners India has expanded the target size of its current fund to $525 million, of $450 million that he previously disclosedjoining a growing list of venture capital funds intent on deploying over $500 million for new investment initiatives in the South Asian market.

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

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

Redwood India and Southeast Asia unveiled a $2.85 billion fund last year, after raising at least three funds in the last three years. Lightspeed Venture Partners, which closed a $275 million fund in 2020, launched a new $500 million fund last year. Accel, Elevation Capital and Nexus Venture Partners have also launched big new funds from India in the past year.

Matrix Partners India continues to be a notable venture fund. Out of 102 unicorn startups in India, 10 of them are in the Matrix Partners India 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 insights platform Venture Intelligence.