Matrix Companions is elevating $450 million for brand spanking new India fund – TechCrunch

Matrix Companions India is elevating $450 million for its fourth India fund, doubling down on the South Asian market the place scores of buyers together with Sequoia, Lightspeed, SoftBank, Elevation, Accel, Alpha Wave World and Tiger World have elevated the tempo of their investments in recent times.

The agency, which counts Ofbusiness and Razorpay amongst its portfolio corporations, disclosed it’s elevating the brand new India fund and its dimension in an SEC submitting final week. At $450 million, Matrix is significantly rising the quantity of capital it plans to put money into India. Its third fund, closed in 2019, was $300 million.

The agency’s new fund comes at a time when scores of different buyers have raised new capital — and practically all at a a lot quicker tempo.

Sequoia India and Southeast Asia unveiled a $2.85 billion fund final week, after elevating at the least three funds prior to now two years. Lightspeed Enterprise Companions, which closed a $275 million fund in 2020, is trying to elevate as a lot as $500 million for the brand new India fund, TechCrunch beforehand reported. Accel and Elevation Capital additionally unveiled giant new India funds this 12 months.

SoftBank alone invested greater than $3 billion in Indian startups final 12 months, it mentioned. Tiger World wrote dozens of checks within the nation, too, final 12 months. Numerous different funds together with Perception Companions and Bessemer have grew to become extra lively within the nation in latest quarters.

Matrix Companions India didn’t instantly reply to a request for remark.

H/T: Madhav Chanchani of stories outlet The CapTable.

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