Funding · Financial Services

Z47 raises maiden independent fund as founder steps down

What they do

Z47 is a venture capital firm that was formerly known as Matrix Partners India

The firm is raising its first fully independent fund worth $300 million to $400 million

Managing Director Sudipto Sannigrahi is stepping down to start his own venture in San Francisco

Z47 is currently raising its maiden independent fund valued between $300 million and $400 million.
This marks a significant shift for the firm which previously operated under Matrix Partners India.
The firm separated from its US entity in 2024 to operate independently.
Managing Director Sudipto Sannigrahi is stepping down from his role at the firm.
Sannigrahi plans to relocate to San Francisco to launch his own new venture.
Former MD Pranay Desai had recently exited the company before Sannigrahi's departure.
The leadership change coincides with the firm's move to raise its own capital.
The fundraise represents a major milestone for the now-independent investment vehicle.

The firm was formerly part of Matrix Partners India before separating in 2024.
Sannigrahi joined Z47 as an analyst in 2016 and became MD in 2023.
His portfolio includes notable investments like Krutrim, Captain Fresh, and Bijnis.
The departure of two consecutive MDs signals a major transition period for the firm.
Raising an independent fund allows the firm full control over its investment strategy.

Z47 manages a diverse portfolio of companies across various sectors.
Key portfolio companies include payment giant Razorpay and mobility leader Ola.
The firm has invested in fintech player Five Star Business Finance.
Media and internet assets like Dailyhunt are part of their holdings.
They also back commerce enablers such as OfBusiness and Stanza Living.
Recent investments include AI startup Krutrim and fresh produce platform Captain Fresh.
The firm supports early-stage ventures like Bijnis and Damensch.
Their focus spans consumer internet, fintech, and enterprise software sectors.