US-based venture capital firm Matrix Partners has renamed its India arm as Z47. Beginning July 1, 2024, the entities operating under the Matrix name in the US, India, and China will complete a renaming and organizational update to clarify the local approach each of these teams has taken to operating in each of their geographies since inception and the organizational independence of each team.
Matrix Partners India will become DZ47, with the brand name of Z47, Matrix Partners China will become MPC, and operations in the US will continue as Matrix, an early-stage venture capital fund with headquarters in Boston and San Francisco.
The company said in a statement, “Each team’s leadership has operated with separate decision-making and separate back offices from inception. 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.”
This move is similar to another VC, Sequoia Capital’s decision to separate its India and Southeast Asia and China units and rebrand them. Its India arm was subsequently rebranded as Peak XV.
“The new name is inspired by India’s journey towards a developed country by 2047, with India’s founder and digital ecosystem at the heart of its growth story. There will be no change to the operations of existing Matrix Partners India funds or our early–stage and founders focused strategy,” the firm’s Indian arm said in a post on X.
“This change also reflects our responsiveness to regional market dynamics and a continued focus on competing locally. We have always operated with separate decision–making and back offices from Matrix in the US, and the name change further clarifies this approach. New website and other elements of the brand will be unveiled in due course,” it added.
The VC firm has backed Indian firms like Ola, Ola Electric, Razorpay, Country Delight, Dealshare and Jupiter, among others.
