Matrix Partners eyes Indian tech firms

Bangalore, Jan 25 | Updated: Jan 26 2005, 05:30am hrs
Matrix Partners, a US-based venture capital firm, plans to invest in technology companies in India and has opened its office in Bangalore.

Matrix Partners has invested in over 27 companies in the US and most of them have a presence in India and the rest are looking at having presence here. We see India as a very exciting growth opportunity and hope to nurture the entrepreneurial spirit further, said Tim Borrows, General Partners, Matrix Partners.

The company is looking at investing in services and product companies in India.

Speaking about the investment environment, Mr Borrows said that last year VC community had raised $20 billion funding in the US and around $10 billion have been invested. US has over 800 VC companies and only 10-12% of them had an extrordinary results in the last two-three years. Rest are still waiting for results, he said. Matrix Partners is looking at raising arou-nd $400 million fund in the next year. In 2002, we had raised $500 million and in 2004, we raised $500 million, said Mr Borrow.