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Founders First. Developed Nation Building.
DEVC India I Trust (AIF name: Matrix Partners India DeVC I AIF) is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/22-23/1131), managed by DeVC India I Manager LLP — the dedicated investment manager for the DeVC pre-seed programme, the early-stage investing arm of Z47 (formerly Matrix Partners India). Z47 is one of India's most established venture capital firms, founded in 2006 by Avnish Bajaj, with over $3.5 billion in AUM and a portfolio of 150+ companies including Razorpay, Ola, OfBusiness, OneCard, Practo, Dailyhunt, Five Star Business Finance, MoEngage, and Dezerv. DeVC is Z47's dedicated pre-seed programme designed to partner with founders building for India at the earliest possible stage — idea and prototype — across fintech, enterprise AI, consumer, deep tech, and B2B manufacturing. The fund is operationally affiliated with Z47's Mumbai office at Ceejay House, Worli.
Z47 and DeVC operate with a 'Founders First. Developed Nation Building.' ethos — partnering deeply with founders as early as the idea stage to help build India's next generation of category-defining companies. The pre-seed programme backs founders with capital, network access, and operational expertise to accelerate from zero to product-market fit, specifically betting on India's structural advantages in technology talent, cost efficiency, and market scale. DeVC's investment thesis targets companies that can leverage India's competitive edge to build globally relevant businesses.
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Avnish Bajaj
Founder & Managing Director, Z47
Avnish Bajaj is the Founder and Managing Director of Z47 (formerly Matrix Partners India), one of India's most established venture capital firms. He previously founded and scaled Baazee.com (acquired by eBay). He has been backing India's startup ecosystem since 2006 across fintech, consumer, enterprise, and deep tech.
Vikram Vaidyanathan
Managing Director, Z47
Vikram Vaidyanathan is a Managing Director at Z47, driving early-stage fintech and enterprise investments with a founders-first, globally networked approach.
Rajinder Balaraman
Managing Director, Z47
Rajinder Balaraman is a Managing Director at Z47, blending international experience to help founders scale tech ventures beyond India.
Aakash Kumar
Managing Director, Z47 / DeVC
Aakash Kumar is a Managing Director at Z47 and was previously a core member of the DeVC pre-seed programme. He has experience from Hotstar and IIT Bombay (B.Tech Metallurgical Engineering). He backs high-growth SaaS and AI startups at the earliest stages.
Priyank Shrivastava
Operations / Compliance Contact
Priyank Shrivastava is the SEBI-designated contact person for DEVC India I Trust, handling compliance and regulatory matters for the fund at Z47's Mumbai office.
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Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.