Matrix Partners India, one of the most active venture capital firms in the country, has rebranded itself to Z47 as part of a global restructuring exercise.
The VC firm, which is an investor in companies such as Centre For Sight, Captain Fresh, Country Delight, Dailyhunt, OfBusiness, and Ola, said over the weekend that there won’t be any changes related to the operations of its existing funds or its early-stage and founders-focused strategy.
Matrix’s global restructuring comes nearly a year after Sequoia Capital made similar changes to its operations in India and Southeast Asia. It rebranded Sequoia India and Southeast Asia as Peak XV Partners while Sequoia China adopted the name HongShan in English.
The rebranding also comes a year after Matrix Partners India hit the final close of its fourth fund at $550 million. It was initially planning to raise as much as $450 million for the fund.
“The new name is inspired by India’s journey towards a developed country by 2047, with India’s founder and digital ecosystem at the heart of its growth story,” Matrix said in a statement.
The VC firm will continue its operations in the US under the Matrix Partners banner. Its US teams work out of Boston and San Francisco. Meanwhile, Matrix Partners China has rebranded as MPC.
Matrix said the change reflects its “responsiveness to regional market dynamics” and a continued focus on competing locally. “We have always operated with separate decision-making and back offices from Matrix in the US, and the name change further clarifies this approach,” it said.
