Z47, Inside the Ecosystem

Z47 is the 2024 rebrand of Matrix Partners India, one of India's longest-running venture capital firms. This report untangles a real, decade-spanning fund structure (four Matrix Partners India fund vintages, a dedicated AIF Manager entity, a US-linked holding vehicle) and maps 34 real portfolio relationships and 17 real people -- including a Managing Director now exiting, a departure wave of 4 in under a year, and a co-founder who left a decade earlier to build a fund that now backs Lenskart and Zepto -- plus the honest gaps still open in its capital network. NestLens Observatory Intelligence Report No. 003.

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