Matrix Partners India rebrands to Z47, China arm to MPC

The US-headquartered venture capital firm Matrix Partners on Saturday said that its India arm will be rebranded as Z47 from July 1, while its China arm will be known as MPC.

“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 organisation’s respective portfolio companies, investors, and partners," the firm said in a statement.

The operations in the US will continue under the name Matrix Partners.

“There will be no change to the operations of existing Matrix Partners India funds or our early–stage and founders focused strategy,” the firm said in a post on X.

The venture capital firm is known for backing the likes of mobility firm Ola, online payments company Razorpay and business-to-business commerce startup OfBusiness, among others.

ET had reported on May 25, 2023, that Matrix Partners made final close of its fourth fund at $550 million, after originally intending to close at $450 million.

The rebranding development comes a year after the Silicon Valley-based venture capital firm Sequoia Capital broke away from its India and China partnerships.

Sequoia India & Southeast Asia has been rebranded as Peak XV Partners, and its China business has been named HongShan.