Matrix has rebranded its affiliates in India and China, becoming the latest venture to distance itself from international franchises.
The US-based venture capital firms will retain their names, but Matrix Partners India will change its name to Z47 and Matrix Partners China will change its name to MPC. Matrix began managing its India-linked fund in 2006 and its China fund in 2008.
The unexpected rebranding will take effect from July 1. Notably, Matrix’s announcement refers to its India and China operations as “entities operating under the Matrix name” rather than as divisions of the company.
Matrix Partners India said the rebranding will not impact the firm’s operational structure, existing funds or strategy. The new name is inspired by India’s journey to become a developed economy by 2047, the firm said.
Matrix is undergoing a “name change and organizational updates” to “clarify the organizational independence of each team and the local approach each team has taken to operating in their respective territories since inception,” Matrix Partners said in a post.
The venture said the leadership of each team has “operated with separate decision-making and separate back offices since their inception.”
The move follows Sequoia’s split off of its India, Southeast Asia and China operations last year amid geopolitical tensions between China and the United States.
“The decision to change the name is based on a shared commitment to market transparency, responsiveness to local market trends and an ongoing focus on regional competition, and will benefit each organization’s respective portfolio companies, investors and partners,” Matrix announced today.
