Matrix Partners India III, which is the new fund of Matrix Partners India, is understood to have raised $300 million, according to a ‘Form D’ filed with the US Securities and Exchange Commission (SEC) dated August 14. Form D is used to file a notice of an exempt offering of securities with the SEC. It is a brief notice that includes basic information about the company and the offering, such as the names and addresses of the company’s executive officers, the size of the offering and the date of first sale.
A Matrix Partners India spokesperson did not comment on the fundraising. Matrix Partners India is an investment firm with Rs 4,500 crore under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages.
Some of its investments include companies such as Ola, Quikr, Practo, Dailyhunt, Treebo, Mswipe, Five Star Business Finance, Razorpay, OfBusiness, CreditVidya and ZipLoan, among others. On Thursday, Matrix Partners announced it has invested in &ME, a Bengaluru-based food and beverage (F&B) brand, focused on women’s health & wellness. &ME is also backed by Rohit MA, MD of Cloudnine Hospitals. Matrix did not disclose how much it has invested in the firm.
Sanjot Malhi, vice-president, Matrix India, said in a statement that Matrix Partners sees a lot of potential in &ME being able to become a large F&B brand. “More broadly, we are excited about investing in, and partnering with more home-grown consumer brands across the spectrum,” he said.
On Tuesday, Matrix Partners announced that it has co-invested in Vogo, a scooter-sharing platform for short haul commute. Vogo is a dockless scooter rental company which lets customers rent scooters for short one-way trips at various locations across the city. The company is currently present in Bengaluru and Hyderabad, and plans to add over 1,000 pick-up points across the two cities in the coming year.
The Series A funding round led by ANI Technologies (Ola), also saw participation from Hero MotoCorp chairman Pawan Munjal, Stellaris Venture Partners as well as individual investors, including Aprameya Radhakrishna (founder, TaxiForSure), Rajesh Yabaji (founder, Blackbuck) and Mayank Bidawatka (founder, Goodbox).
According to a Grant Thornton report, H1 of 2018 was dominated by investments in the start-up sector, which contributed to 58% of total investment volumes garnering $1.8 billion. This is in line with the trends in the last seven years. Fintech attracted significant attention from investors with 52 deals, followed by healthtech, retail and enterprise solutions segments.
H1 witnessed a majority of the PE players cashing out their investments completely from their portfolio companies. A notable exit was witnessed in the e-commerce sector with the Walmart-Flipkart deal marking the largest PE exit in the period. Real estate, auto, IT, banking and energy sectors also saw top exits this year.