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Updated: Matrix Partners India raises $110M from existing investors; Co-founder Rishi Navani quits

Update: Matrix Partners India has confirmed with MediaNama that Co-founder Rishi Navani has left the company. It also added that the exact size of the fund cannot be disclosed, and that the total value of its second fund could be approximately around $400, after the current inclusion of $110 million. Earlier: Venture Capital firm Matrix Partners India has raised $110 million from its existing network of unnamed investors for its second fund, taking its value to $400 million, reports YourStory. The second fund was first setup in 2011 to invest in startups across internet/mobile, education, financial services, healthcare and infrastructure services domains. At that time, the VC firm had secured $300 million from unnamed investors. Matrix India is also looking to successfully exit 4 to 5 companies by the end of this year, the report added. Currently it claims to have around 50 active companies under its portfolio. Some notable investments of matrix include Ola Cabs, Stayzilla, Newshunt, and Quikr, which recently fired over 150 CommonFloor Employees. In addition, the report claims that Matrix India’s co-founder Rishi Navani has quit the VC firm to set up another investment firm of his own. MediaNama has written to Matrix India and its co-Founder Avnish Bajaj for a confirmation and will update the story as soon we hear from them. Navani’s co-founded Matrix Partners India in January 2006, taking his total experience with Matrix to more than 10 years. He also takes up an additional role of Managing Director in the VC firm.…

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