Matrix Partners India, a subsidiary of San Francisco, CA-based Matrix Partners, announced the closing of its third fund with a committed capital of over $300 million. This follows the over $100 million Extension fund closed in 2016.
The private equity investment firm has backed more than sixty startups to date, and will continue to follow its existing investment strategy of backing exceptional founders in their effort to build market-leading companies at the seed, early, and early growth stages across sectors. It has made recent investments in DailyNinja, Itilite, MoEngage, Stanza Living, Vogo, and Ziploan.
Matrix India sees the growth in internet access (and quality of access) and India’s growing middle class as key development drivers for internet companies and startups in the country, generally. “The scale of companies is likely to be significantly larger,” one of the India subsidiary’s three managing directors, Tarun Davda said, adding that the pace of growth is increasing, too.
“This is an exciting time to be an entrepreneur in India – mobile internet-led leapfrogging is underway across sectors, and increasing GDP per capita and consumerism will have a multiplier effect on scaling businesses,” commented Avnish Bajaj, another of Matrix India’s managing directors.
Last updated: December 26th, 2025
