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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. Prior to Matrix, Navani has been with WestBridge Capital for 4 years (2001-2005).

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Recent Investments from Matrix Partners India

-In March, Finomena, a Bangalore-based startup that provides a credit history using alternate data points, had secured an undisclosed amount of funding led by Matrix Partners.

-In February, Gurgaon-based OfBusiness, an online marketplace for business-to-business commerce, raised $5 million (~Rs 34 crore) in a Series-A funding round led by Matrix Partners India

-In October 2015, online food ordering app TinyOwl raised ~$7.6 million (Rs 50 crore) in funding led by Sequoia Capital and Matrix Partners.

– In the same month, payment gateway Razorpay raised $9 million in a series A round of funding led by Tiger Global and participation from Matrix Partners.

– In June 2015, Belong, a company which helps organisations hire talent, raised Series A funding worth $5 million from Matrix Partners, with participation from Blume Ventures, Snapdeal co-founders Kunal Bahl and Rohit Bansal, RedBus co-founder Phanindra Sama, and Sierra Atlantic founder Raju Reddy among others.

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– In March 2015, Gurgaon based LimeRoad, an online shopping platform for women’s fashion and home furnishings, raised Series C funding worth Rs 185 crore led by  Tiger Global, with participation from Matrix Partners and Lightspeed Ventures.

– In February last year, healthcare technology startup Practo raised $30 million in a round of funding led by existing investor Sequoia Capital and with participation from Matrix Partners

Our coverage on Matrix Partners India investments

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