US-based firm 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 name change is part of the larger organisational update for clarity in the marketplace, responsiveness to regional market dynamics, Matrix Partners said in a statement. The firm said that operations in the US will continue as Matrix, an early-stage venture capital fund with headquarters in Boston and San Francisco. The VC firm is known for backing unicorns like Ola, Ola Electric, Krutrim AI, Razorpay, OfBusiness, Oxyzo, Dailyhunt, and Five Star Finance. Last year, Matrix Partners India increased the size of its fourth India-focused fund to $525 million, despite a challenging funding environment.

Source: The Hindu June 30, 2024 15:59 UTC