Matrix Partners setup $150 Million INDIA Fund

Another feather in the cap for Indian entrepreneurs to keep up the startup momentum. Matrix Partners, set up a $150 Million INDIA Fund for Indian venture investments.

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 co–founder, Chairman & CEO of India’s largest online marketplace Baazee.com (acquired by eBay), and Rishi Navani, previously Managing Director at WestBridge Capital Partners. Matrix India extends Matrix Partners’ bi–coastal reach in the U.S. to India and its rapidly growing economy.

“Matrix Partners is the first leading venture capital firm to establish a fund in India,” said Paul Ferri, Founding Partner of Matrix Partners. “The burgeoning Indian market represents a new frontier of innovation and Matrix Partners is excited to be participating in the region’s growth.”

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 Navani’s and Bajaj’s deep understanding of the Indian market and Matrix Partners’ 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

Press Release