Venture capital firm Matrix Partners India has renamed its Indian arm as Z47 and China’s as MPC.
The fund’s operations in the US will continue as Matrix, an early-stage venture capital fund with headquarters in Boston and San Francisco. The VC firm also added that the new name is inspired by India’s journey towards a developed country by 2047.
“The decision to rename is driven by a shared commitment to clarity in the marketplace, responsiveness to regional market dynamics and a continued focus on competing locally, which will benefit each organization’s respective portfolio companies, investors, and partners,” said Matrix in a statement.
In May 2023, Matrix launched a fund worth $450 million and later extended the target size for the fund to $525 million. In the past 12 months, the fund has backed more than dozen startups including Neysa, InPrime, Krutrim SI Designs, Aampe, Atomic Work, Wootz.work, Stable Money, Grey Labs AI, and Scapia, among others.
This is the second largest fund, which operates in India, has gone through a rebranding exercise.
In June 2023, Silicon Valley-based venture capital firm Sequoia split into three separate firms to focus on– the US and Europe, China, India and Southeast Asia. Following the move, Sequoia India and Southeast Asia rebranded as Peak XV Partners.
Last month, early-stage accelerator fund 9Unicorns also announced its rebranding as 100Unicorns.
