India-based early-stage private equity and venture capital firm Matrix Partners India has announced the close of its third fund at $300 million, having received commitments from 43 investors.
Matrix Partners India, which operates as a subsidiary of Matrix Partners, specializes in seed stage, early stage, Series-A, early growth stage, growth capital and follow-on investments. It selectively makes later-stage investments.
The third fund, Matrix Partners India III, was launched earlier this month and was closed in less than three weeks.
Founded in 2006, Matrix Partners India invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. It has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Business Finance (SME lending), Razorpay (payments), OfBusiness (credit led B2B marketplace), and Belong (recruitment platform) among others.
Avnish Bajaj, Matrix Partners India’s co-founder and managing director, used to run eBay India and has additional experience at Apple. A Harvard graduate, Bajaj co-founded Matrix Partners India in 2006.
Earlier this week, the firm announced that it has co-invested in Vogo, India’s first automated scooter sharing platform for short haul commutes.
The Series A funding round led by ANI Technologies (Ola), also saw participation from Hero MotoCorp Chairman, Pawan Munjal, Stellaris Venture Partners, as well as individual investors including, Aprameya Radhakrishna (Founder, TaxiForSure), Rajesh Yabaji (Founder, Blackbuck) and Mayank Bidawatka (Founder, Goodbox).