Matrix Partners expands its new Indian fund to $525 million

Matrix Partners India has extended the target size of its current fund to $525m from a previously disclosed $450m, joining a burgeoning roster of venture capital funds intending to deploy more than a half -billion dollars for new investment initiatives in the South Asian market. .

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

The company’s new fund comes at a time when dozens of other investors have raised new capital – and almost all of them at a much faster pace. He 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 also unveiled major new Indian funds over the past year.

Matrix Partners India is still a notable venture capital fund. Of India’s 102 unicorn startups, 10 are part of 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 analytics platform Venture Intelligence.