Matrix Partners India, a venture capital firm, rebranded its Chinese division as MPC and its Indian division as Z47.
With offices in Boston and San Francisco, Matrix, an early-stage venture capital fund, will continue to manage the fund’s US operations. The VC firm also stated that India’s progress toward becoming a developed nation by 2047 served as inspiration for the new name.
“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,” said Matrix in a statement.
Matrix started a $450 million fund in May 2023 and later increased the fund’s target size to $525 million. The fund has supported over a dozen startups in the last 12 months, including Grey Labs AI, Neysa, Aampe, InPrime, Krutrim SI Designs, Atomic Work, Wootz.work, Stable Money, and Scapia.
This fund, which operates in India and is the second largest, underwent a rebranding initiative.
Sequoia, a venture capital firm based in Silicon Valley, divided into three distinct companies in June 2023 with a focus on the US and Europe, China, India, and Southeast Asia. Sequoia India and Southeast Asia changed its name to Peak XV Partners after the relocation.
Additionally, early-stage accelerator fund 9Unicorns announced last month that it would be rebranding as 100Unicorns.
