United States-headquartered venture capital firm Matrix Partners’ India arm will be rebranded as Z47, while the investor’s China arm will be known as MPC from next month. The company decided to rebrand its China and India arms in an effort to clarify the local approach of the funds in their respective geographies.
“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. There will be no change to the operations of existing Matrix Partners India funds or our early–stage and founders focused strategy,” the firm’s Indian arm said in a post on X.
“This change also reflects our 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. New website and other elements of the brand will be unveiled in due course,” it added.
The VC firm is known for backing unicorns like Ola, Ola Electric, Krutrim AI, Razorpay, OfBusiness, Oxyzo, Dailyhunt, and Five Star Finance. Its other significant portfolio bets include Country Delight, Dealshare, Jupiter, and Captain Fresh, among others.
This rebranding exercise by Matrix comes a year after storied Silicon Valley VC firm Sequoia Capital’s India and China arms separated from the mothership. Its India arm was subsequently rebranded as Peak XV.
Other Indian VCs that have rebranded themselves in the recent years include Bengaluru-based Inventus, which renamed itself as Athera in 2022 when it launched a fresh $120 million fund, and IDG Ventures, which rechristened itself as Chiratae in 2018.
Last year, Matrix Partners India increased the size of its fourth India-focused fund to $525 million, despite a challenging funding environment.
“Beginning July 1, 2024, the entities operating under the Matrix name in the US, India, and China will complete a renaming and organizational update to clarify the local approach each of these teams has taken to operating in each of their geographies since inception and the organizational independence of each team,” Matrix said in a statement.
Its operations in the US will continue as Matrix, with headquarters in Boston and San Francisco.
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