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Founders First. Developed Nation Building.
Managed by Z47
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Matrix Partners India III AIF is a SEBI-registered Category II Alternative Investment Fund (IN/AIF2/18-19/0614), registered on November 1, 2018. The fund is managed by DeltaZen47 Advisors LLP, the legal entity behind Z47 (formerly Matrix Partners India). Matrix Partners India rebranded to Z47 in early 2025, reflecting the firm's evolution into a founder-first, globally connected venture platform with the goal of a developed India by 2047. The firm was founded in 2006 by Avnish Bajaj, formerly of Baazee.com (acquired by eBay), and has grown to manage $3.5 billion in AUM across 150+ investments. Z47 has backed 10 unicorns including Ola, Razorpay, OfBusiness, Oxyzo, OneCard, Dailyhunt, and Five-Star Business Finance. The fund invests across seed to growth stages with a focus on fintech, enterprise AI, consumer, deep tech, and B2B manufacturing. Matrix Partners India III AIF was the third institutional fund in the domestic AIF vehicle series — parallel to the firm's offshore Mauritius-based fund structure. The firm maintains offices in Bengaluru and Mumbai, and the matrixpartners.in domain now redirects to z47.com.
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Avnish Bajaj
Founder & Managing Director
Founder of Z47 (Matrix Partners India). Previously scaled Baazee.com, India's leading online marketplace, which was acquired by eBay. Has shaped India's startup ecosystem for over two decades as one of the country's most prominent early-stage investors. Backed iconic companies including Ola, Razorpay, Five-Star Business Finance, and Dailyhunt.
Vikram Vaidyanathan
Managing Director
Drives early-stage fintech and enterprise investments with a founders-first, globally networked approach at Z47.
Rajinder Balaraman
Managing Director
Blends international experience to help founders scale tech ventures beyond India at Z47.
Rajat Agarwal
Partner
Backs early-stage founders across fintech and consumer at Z47, working closely with them as they build and scale.
Sudipto Sannigrahi
Managing Director
Deep-tech specialist at Z47, connecting manufacturing and technology entrepreneurs with new markets globally.
Aakash Kumar
Partner
Backs high-growth SaaS and AI startups at Z47, leveraging founder empathy for global scale.
Ashwin Pandian
Partner
Invests in enterprise AI at Z47, enabling founders to access world-class networks and markets.
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Rahul Mathur
Partner
Partners closely with founders from zero to one at Z47, supporting product strategy, go-to-market, and early scaling.
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