Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Matrix Partners India III AIF is a SEBI-registered Category II Alternative Investment Fund (IN/AIF2/18-19/0614), registered on November 1, 2018. The fund is managed by DeltaZen47 Advisors LLP, the legal entity behind Z47 (formerly Matrix Partners India). Matrix Partners India rebranded to Z47 in early 2025, reflecting the firm's evolution into a founder-first, globally connected venture platform with the goal of a developed India by 2047. The firm was founded in 2006 by Avnish Bajaj, formerly of Baazee.com (acquired by eBay), and has grown to manage $3.5 billion in AUM across 150+ investments. Z47 has backed 10 unicorns including Ola, Razorpay, OfBusiness, Oxyzo, OneCard, Dailyhunt, and Five-Star Business Finance. The fund invests across seed to growth stages with a focus on fintech, enterprise AI, consumer, deep tech, and B2B manufacturing. Matrix Partners India III AIF was the third institutional fund in the domestic AIF vehicle series — parallel to the firm's offshore Mauritius-based fund structure. The firm maintains offices in Bengaluru and Mumbai, and the matrixpartners.in domain now redirects to z47.com.
Avnish Bajaj
Founder and Investor
Avnish is the founder of Z47, formerly Matrix Partners India, which he co-founded in 2006. He previously co-founded Baazee.com, acquired by eBay in 2004. He invests across consumer, enterprise, AI, fintech and deep tech, with a founders-first approach shaped by his experience building a company.
Vikram Vaidyanathan
Managing Director
Drives early-stage fintech and enterprise investments with a founders-first, globally networked approach.
Rajinder Balaraman
Managing Director
MBA, Harvard Business School
Rajinder has invested at Z47 since 2011 across consumer, enterprise, AI, fintech and deep tech. He works with founders from inception through IPO and M&A, with a focus on scaling globally, and holds an MBA from Harvard Business School.
Rajat Agarwal
Managing Director
Rajat backs early-stage consumer and fintech founders at Z47 and helps build the firm's founder platform. A former management consultant to consumer, financial services and private equity clients, he is an alumnus of IIT Delhi and ISB.
Sudipto Sannigrahi
Managing Director
Deep-tech specialist at Z47, connecting manufacturing and technology entrepreneurs with new markets globally.
Aakash Kumar
Managing Director
Aakash backs founders from pre-seed to Series B across software, spanning dev, infra, data and AI, and consumer tech, at both Z47 and DeVC. A former founder and operator across product, strategy and growth, he studied at IIT Bombay.
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Ashwin Pandian
Vice President
Ashwin invests in enterprise software and AI at Z47, backing founders who build for global markets. He works with them on go-to-market, their ideal customer profile and scaling, drawing on a wide network of operators and domain experts.
Rahul Mathur
Vice President, DeVC
Master's in Statistics, University of Warwick
Rahul invests at DeVC across fintech and consumer tech. He founded a Y Combinator-backed insurtech that was acquired in 2023, then led the acquirer's business insurance unit, and holds a master's in Statistics from the University of Warwick.
Aniket Mishra
Associate
Anish Patil
Principal
Dhairen Tohliani
Associate Vice President
Nipun Singhal
Associate
Sanchie Shroff
Vice President
Tarun Davda
Managing Director
Tushara Garg
Principal
Yashasvi Madhogaria
Senior Analyst, DeepTech
Girish Shenoy
Associate Vice President - Corporate Development
Kanchana Sharalaya
Associate Vice President, Legal
Kunal Bhardwaj
Senior Manager, Legal
Madhavi Varanasi
Vice President, Marketing
Madhav Toshniwal
Vice President, Finance
Mayukh Datta
Director and Head of Legal
Mayur Singhania
Senior Manager, Finance
Nyrika Guha Roy
Senior Manager, Marketing
Priyank Shrivastava
Senior Vice President, Finance
Rohan Dixit
Managing Director, Finance
Rohit Kumar
Vice President, Human Capital
Rupali Sharma
Managing Director, Human Capital
Sagar Bahuguna
Senior Manager, Human Capital
Shaswat Kanodia
Analyst, Corporate Development
Shivatmika Bathija
Senior Analyst, Corporate Development
Vijay Pillai
Director, Corporate Development
Vineet Kanabar
Vice President, Marketing
Sandeep Singh Kohli
AdvisorVenture Partner
MBA, UC Berkeley
Sandeep works with Z47's US team on enterprise AI, software, infrastructure and cybersecurity. He brings 30 years in enterprise tech, including CMO and CRO roles through an IPO and an acquisition, and holds an MBA from UC Berkeley.