Z47 to raise $400-M fund, its first since Matrix split

Z47 , formerly Matrix Partners India which split from its US parent last year, is tapping its portfolio of Indian tech startups as it gears up for a fresh USD 300-USD 400 million fundraise. The investment firm is currently in talks with potential investors and is also exploring partial exits from some portfolio companies to demonstrate interim liquidity.Z47 is eyeing secondary stake sales in companies such as Ola, OfBusiness, Razorpay, and Dailyhunt, which could fetch around USD 150-180 million. Talks are underway with other funds for a potential portfolio sale transaction.The new fund will come more than two years after the firm closed its fourth fund with a corpus of over USD 550 million, which focused on seed, early-stage, and early growth investments across sectors in India.