Matrix Partners India pulls in up to $300m for Fund 3

Ziploan-backer Matrix Partners India has pulled in $300m for its third fundraise in what appears to be a final close for the fund.

The firm has raised the same amount for both its previous funds, the most recent of which was closed in 2011 amid a tricky post-financial crisis fundraising environment.

Its latest fundraise has come out of the blue, however, with the firm making its first US SEC filing for the vehicle concurrently with revealing it has reached its $300m goal.

No more capital is listed as remaining to be sold for the vehicle in the filing, with the registered commitments coming from 43 investors.

Target investment areas include FinTech, consumer technology, B2B and enterprise, with the firm aiming to back businesses between the seed and Series B rounds.

Last month, Matrix Partners took part in the $29m Series C round of SME financing solution OfBusiness. The company helps Indian business access credit lines of up to $290,000.

Some other FinTech investments made by the firm this year include online lending platform Avail Finance and small business loan company Ziploan.

The firm was launched in 2006 by venture capital veteran Matrix Partners with a $150m debut fund, which was later boosted to $300m slated for growth capital deals.

Earlier in the year, the firm closed another pair of funds, with Matrix Partners Fund XI closing on $50m, and its fifth China fund raising $750m.

Last month Lightspeed Venture Partners closed its second India-focused fund after pulling in $175m.

Lightspeed’s India division has offices in New Delhi and Bangalore, and invests in early and growth-stage technology companies that have a strong base in India and/or global consumer and enterprise markets.

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