Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
DEVC India I Trust (AIF name: Matrix Partners India DeVC I AIF) is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/22-23/1131), managed by DeVC India I Manager LLP — the dedicated investment manager for the DeVC pre-seed programme, the early-stage investing arm of Z47 (formerly Matrix Partners India). Z47 is one of India's most established venture capital firms, founded in 2006 by Avnish Bajaj, with over $3.5 billion in AUM and a portfolio of 150+ companies including Razorpay, Ola, OfBusiness, OneCard, Practo, Dailyhunt, Five Star Business Finance, MoEngage, and Dezerv. DeVC is Z47's dedicated pre-seed programme designed to partner with founders building for India at the earliest possible stage — idea and prototype — across fintech, enterprise AI, consumer, deep tech, and B2B manufacturing. The fund is operationally affiliated with Z47's Mumbai office at Ceejay House, Worli.
Avnish Bajaj
Founder & Managing Director, Z47
Avnish Bajaj is the Founder and Managing Director of Z47 (formerly Matrix Partners India), one of India's most established venture capital firms. He previously founded and scaled Baazee.com (acquired by eBay). He has been backing India's startup ecosystem since 2006 across fintech, consumer, enterprise, and deep tech.
Vikram Vaidyanathan
Managing Director, Z47
Vikram Vaidyanathan is a Managing Director at Z47, driving early-stage fintech and enterprise investments with a founders-first, globally networked approach.
Rajinder Balaraman
Managing Director, Z47
Rajinder Balaraman is a Managing Director at Z47, blending international experience to help founders scale tech ventures beyond India.
Aakash Kumar
Managing Director, Z47 / DeVC
B.Tech, IIT Bombay
Aakash previously led Growth at Hotstar as SVP, scaling subscriptions to over 40 million users and building the ad-tech stack that drove revenues to $200 million. Prior to this, he led product at Indus OS and founded Wings Intellect, a gaming startup with a successful exit. He has invested in over 100 startups as an angel investor. Aakash holds a B.Tech from IIT Bombay and has a deep interest in system design and gaming.
Priyank Shrivastava
Operations / Compliance Contact
Priyank Shrivastava is the SEBI-designated contact person for DEVC India I Trust, handling compliance and regulatory matters for the fund at Z47's Mumbai office.
Krish Bajaj
At 19, Krish was a founding member of Verak Insurance, a YC W21, Surge, and Lightspeed-backed company that was later acquired. His interest in finance led him to a two-year stint at Deutsche Bank, where he worked in the Chief Risk Office (NFRM) applying Bayesian principles for reserve calculations. At DeVC, he's building our internal AI stack and supports investments across AI, devtools, and infrastructure.
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Rahul Mathur
Master's in Statistics, University of Warwick
Rahul founded Verak Insurance, a YC W21 company that was acquired by InsuranceDekho in 2023. Post-acquisition, he led InsuranceDekho's business insurance unit and spearheaded its ONDC integrations. Prior to joining DeVC, Rahul was already an active angel investor. Rahul holds a master's degree in Statistics from the University of Warwick.
Rajat Agarwal
B.Tech/M.Tech, IIT Delhi
Rajat began his career at McKinsey & Company, advising large consumer and financial services clients, and discovered venture investing during his MBA at the Indian School of Business. At DeVC, he works closely with early-stage consumer, enterprise AI, and fintech companies, bringing together operational rigor and founder-first support. Rajat holds a B.Tech/M.Tech from the Indian Institute of Technology Delhi.
Sanchie Shroff
MBA, Harvard Business School
Sanchie leads AI investments for DeVC's US team. She was previously an investor at Long Arc Capital, SoftBank, and WestBridge, following an early career at McKinsey. She holds an MBA from Harvard Business School and a Bachelor's from Shri Ram College of Commerce.
Trinika Kaushik
BITS Pilani
A BITS Pilani graduate, Trinika spent her early years at JP Morgan studying consumer giants like Nike, Lululemon, TJX, and Walmart, figuring out what sets the winners apart. At DeVC/Z47, she focuses on consumer tech and brand investments.
Yashasvi Madhogaria
Shri Ram College of Commerce, Delhi University
Yashasvi began her career as a consultant at Kepler Cannon, working in the payments practice. At DeVC, she evaluates early-stage opportunities across physical AI, aerospace & defence, robotics, semiconductors, and advanced manufacturing, bets that sit at the intersection of science and scale. Yashasvi grew up in Kolkata and holds a degree from Shri Ram College of Commerce, Delhi University.
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