Matrix Partners India, co-founded by Ebay India chief Avnish Bajaj and Rishi Navani in partnership with Matrix Partners US, today announced the closing of its first fund. The $150 million, multi-sector, multi-stage fund will focus on early to growth stage businesses in the Internet, mobile, financial services, media & entertainment, healthcare, travel & leisure, sectors, according to an official release issued today.The first fund of its kind in India, it aims to partner with entrepreneurs to build market leading companies in the consumer services domain, the company claims."Matrix Partners is the first leading venture capital firm to establish a fund in India...The Indian economy is in a very exciting phase and Matrix Partners' is looking forward to participating in the region's growth story," Paul Ferri, founding partner of Matrix Partners US, said.Avnish Bajaj, founding MD of Matrix Partners India said: "Matrix Partners India is focused on presenting a unique proposition to the emerging businesses in the consumer services sector. We believe that the founding team has an unparalleled competency to recognize and support potential market leading companies in this sector. By leveraging on Matrix Partners' proven approach to investing, we are determined to emerge as the trusted partner of choice for Indian entrepreneurs.""The domestic consumer services industry is the key driver of India's GDP growth. The industry is set to witness an era of innovative business models and significant value creation. We are delighted to partner with Matrix Partners, and appreciate the overwhelming support from our marquee investor base," Rishi Navani, founding MD of Matrix Partners India, said.
