Matrix Partners India today has announced the opening of its Bengaluru office in Indira Nagar. Vikram Vaidyanathan will be relocating to lead the team at the Bengaluru office, its second office in the country after Mumbai.
The VC firm, whose portfolio companies include online classifieds major Quikr and cab hailing app Ola, will move managing director Vikram Vaidyanathan to lead the office.
“With the opening of our Bengaluru office, we are privileged and excited to work alongside the exceptional entrepreneurial ecosystem here. We are also establishing a free entrepreneur space for startups to ideate and develop their business. We plan to host a few events at this space and request domain experts in the ecosystem to partner with us to organize events that help very early entrepreneurs and startup enthusiasts”, said Vikram Vaidyanathan, Managing Director, Matrix India.
The venture capital firm had also set up a co-working space in Mumbai’s startup hub Powai, tying up with real estate developer K Raheja.
While two of its portfolio companies – Quikr and Ola – moved headquarter from Mumbai to Bengaluru over the last few years Matrix also has several other portfolio companies in the city like Newshunt, Practo and Chumbak among others.
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including LimeRoad (mobile social commerce marketplace), Mswipe (mobile POS), Newshunt (mobile local language platform), Ola (cab marketplace), Practo (marketplace for doctors), Quikr (online classifieds), Stayzilla (stays marketplace), Tiny Owl (food ordering) and Woo (social matchmaking), among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management.