Matrix Partners had initially planned to raise only $450 million to invest in Indian early-stage startups.

Matrix Partners India, a venture capital firm focused on investments in India, has announced the closure of its latest fund, securing over $550 million in commitments.

This new fund from Matrix Partners is their largest dedicated to India so far. In 2016, they raised approximately $400 million for Fund II, followed by Fund III a few years later with commitments close to $300 million. In total, the firm has now raised $1.35 billion across three funds.

India, being the world’s fifth-largest economy with a GDP of around $3.5 trillion, is projected to grow to a $10 trillion economy within the next decade. The country has a robust digital infrastructure, developed through collaboration between the government and startups, and is expected to reach a digital GDP of $2 to $3 trillion in the same period.

Matrix Partners India will continue its “founders first” investment strategy, supporting exceptional founders in building influential companies across various sectors. The firm plans to expand its presence in the thriving startup ecosystem of Gurugram in the National Capital Region, focusing on seed, early and early growth stage startups.

The firm is known to have backed Ola, Razorpay, and other unicorns including DailyHunt, OfBusiness, DealShare, Oxyzo and OneCard.

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