Seed to Series A fund research profile
Z47 is the rebranded successor to Matrix Partners India, combining a founders-first venture approach with seed-to-growth investing across India and global technology markets. Its public record spans consumer, fintech, enterprise software and AI.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Z47 (fka Matrix Partners India) uses a seed to series a approach across Consumer, fintech, B2B.
Current evidence
Z47 reported its 2024 rebrand and India-first strategy, and in 2025 reporting described plans for a new fund while its official portfolio names Razorpay, Ola, OfBusiness and other positions.
Strategy
Seed to Series A
Sector focus
Consumer, fintech, B2B
AIF structure context
Indian venture capital and angel-fund strategies are commonly structured as Category I AIFs. Verify the specific vehicle and registration before investing.
Current signal
Z47 reported its 2024 rebrand and India-first strategy, and in 2025 reporting described plans for a new fund while its official portfolio names Razorpay, Ola, OfBusiness and other positions.
Investor questions
Z47 (fka Matrix Partners India) is covered in Rupeia's venture capital research universe. The current public record describes the strategy as Seed to Series A, with a sector focus of Consumer, fintech, B2B. The profile should be read with the linked source trail and Typical route: Category I AIF context.
The profile displays only company or asset names attributable to Z47 (fka Matrix Partners India) in the reviewed public sources: Razorpay, OfBusiness, Ola, Dailyhunt, Five Star, Country Delight, A23, Ola Krutrim, GreyLabs AI, Foxtale. It does not represent a complete current portfolio unless the manager has published one.
Z47’s own materials report $3.5B of AUM, 150+ investments and 10 unicorns. Independent reporting has identified a $300M Five Star exit and a reported 9.2x Ola Electric outcome; these are firm- or deal-level signals, not an audited fund return. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: The former Matrix India platform closed Fund IV at approximately $525M; Z47’s current website reports $3.5B AUM across the broader platform.. Public terms or access information: Seed through growth investing, with a founders-first approach and support around product, go-to-market and scaling; current cheque ranges are not consistently disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Avnish Bajaj; (3 MD departures 2023-24: Desai, Sannigrahi, Venugopal). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review stage concentration, follow-on reserves, company failure rates, dilution, exit timing and the gap between paper valuations and realised distributions. The current open diligence point is: Independent fund close status; DPI from secondaries.
2025-10-30: Z47 reported its 2024 rebrand and India-first strategy, and in 2025 reporting described plans for a new fund while its official portfolio names Razorpay, Ola, OfBusiness and other positions.
Next step
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