First Consumer Services Risk Capital Fund in India
Matrix Partners India, co–founded by Avnish Bajaj and Rishi Navani in partnership with Matrix Partners US, today announced the closing of its first fund. The $150 million, multi-sector, multi-stage fund will focus on early to growth stage businesses in the Internet, mobile, financial services, media & entertainment, healthcare, travel & leisure etc. sectors. The first fund of its kind in India, it aims to partner with entrepreneurs to build market leading companies in the consumer services domain. The fund was heavily oversubscribed and current investors in the fund include leading US university endowments and family foundations.
“Matrix Partners is the first leading venture capital firm to establish a fund in India,” said Paul Ferri, Founding Partner of Matrix Partners US. “The Indian economy is in a very exciting phase and Matrix Partners’ is looking forward to participating in the region’s growth story.”
“As co–founders of Matrix Partners India, Avnish and Rishi bring incomparable experience in working with India-based companies in the consumer services sector,” said Timothy A. Barrows, Managing Partner of Matrix Partners US. “We have the ideal team in place to help Matrix Partners continue its strong legacy of building the best-performing companies and long-term relationships with talented entrepreneurs.”
Domestic entrepreneurs would benefit from the rich experience of the Indian founders and the strong company–building expertise of Matrix Partners US. Avnish’s entrepreneurial experience (co–founder, Chairman & former CEO of India’s largest online marketplace Baazee.com, acquired by eBay) and Rishi’s venture and domain experience (former Managing Director at WestBridge Capital Partners) provides the ideal background to help entrepreneurs realize their ambitions. Matrix Partners US also brings to bear its experience as the top performing venture firm over the past two decades with assets under management of more than $3 billion.
Avnish Bajaj, Founding Managing Director, Matrix Partners India said, “Matrix Partners India is focused on presenting a unique proposition to the emerging businesses in the consumer services sector. We believe that the founding team has an unparalleled competency to recognize and support potential market leading companies in this sector. By leveraging on Matrix Partners’ proven approach to investing, we are determined to emerge as the trusted partner of choice for Indian entrepreneurs.”
“The domestic consumer services industry is the key driver of India’s Gross Domestic Product growth. The industry is set to witness an era of innovative business models and significant value creation. We are delighted to partner with Matrix Partners, and appreciate the overwhelming support from our marquee investor base,” added Rishi Navani, Founding Managing Director, Matrix Partners India.
About Matrix Partners India
Matrix Partners India, co–founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Matrix Partners India invests $10 million+ over multiple rounds with an initial investment ranging from $500K to $10 million in consumer services businesses targeting the Indian market in the Internet, mobile, financial services, media & entertainment, healthcare, travel etc. sectors. The fund’s investors include leading US university endowments and family foundations. Further information is available at http://www.matrixpartners.in