Rahul Chaudhary, the co-founder of Treebo, said he is joining the team at Matrix Partners, an early-stage venture capital firm, as a venture capitalist almost two years after stepping away from his active role at the hospitality firm.
"Let's see what this VC thing is all about then. Excited to be joining the team at Matrix Partners. Hoping to be the kind of investor I've respected as a founder - Honest, Empathetic, and All-in," Chaudhary said in a Tweet on February 6.
Matrix was founded by Avnish Bajaj and Rishi Navani in 2006. Bajaj was the co-founder and chief executive officer (CEO) of Baazee, which was later acquired and became Ebay India, while Navani was a former McKinsey executive and an investor with Westbridge Capital.
Matrix raised a $300 million first fund in 2006, and another $300 million in 2011. In 2015, co-founder Navani left to start his own firm, Epiq Capital. In 2016, it raised $110 million to top up its second fund, and raised a full third fund of $300 million in 2019.
Besides Bajaj, Matrix India’s current leadership includes Rajinder Balaraman, Vikram Vaidyanathan, Tarun Davda, and Rajat Agarwal.
Notably, Chaudhary’s Treebo is backed by Matrix Partners along with other VC firms, including Elevation Capital, and Bertelsmann India. "Thanks Avnish, Rajat, Rajinder, Tarun, Vikram, and team @matrixindiavc for having me," Chaudhary said in his tweet.
Chaudhary's exit from Treebo came after the company faced a tough year affected by the pandemic which turned out to be challenging for the hospitality industry. The company had to offer a paid voluntary resignation scheme to around 250 employees at the height of the pandemic.
After giving up his role back in June 2021, Chaudhary continued at his venture as an advisor and a board member.
Other co-founders to have left the companies includes Pankaj Chaddah who left Zomato in 2018 to start his own mental wellness startup Mindhouse. Two co-founders of logistics firm Delhivery, Mohit Tandon and Bhavesh Manglani, also left the company in 2021.
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