Matrix Partners setup $150 Million INDIA Fund
Matrix Partners, a leading U.S.-based venture capital firm, today announced the closing of its Matrix India Fund. The $150 million, multi-sector, multi-stage fund was founded by Avnish Bajaj, previously coâ€“founder, Chairman & CEO of Indiaâ€™s largest online marketplace Baazee.com (acquired by eBay), and Rishi Navani, previously Managing Director at WestBridge Capital Partners. Matrix India extends Matrix Partnersâ€™ biâ€“coastal reach in the U.S. to India and its rapidly growing economy.
â€œMatrix Partners is the first leading venture capital firm to establish a fund in India,â€ said Paul Ferri, Founding Partner of Matrix Partners. â€œThe burgeoning Indian market represents a new frontier of innovation and Matrix Partners is excited to be participating in the regionâ€™s growth.â€
Based in Mumbai, Matrix India will focus its investments across the consumer services sector, including Internet, mobile value-added services (MVAS), financial services, media/entertainment companies, and travel/leisure. Entrepreneurs will benefit from Navaniâ€™s and Bajajâ€™s deep understanding of the Indian market and Matrix Partnersâ€™ expertise in helping companies with U.S.-based Indian entrepreneurs, including Cascade Communications, Sycamore Networks, Starent Networks, and Aruba Wireless Networks,
to become market leaders