Matrix is rebranding its India and China operations, becoming the latest enterprise capital firm to distance itself from its international franchises.
The U.S.-based enterprise capital firm will retain its name, Matrix Partners India shall be renamed Z47 and Matrix Partners China shall be renamed MPC. Matrix began managing the India-affiliated fund in 2006 and the China fund in 2008.
The unexpected rebranding goes into effect on July 1. Notably, in the company’s announcement, Matrix called its India and China operations “entities operating under the Matrix name”and not as separate units.
Matrix Partners India said the rebranding is not going to impact its operational structure, existing funds or strategy. The latest name draws inspiration from India’s journey to turn out to be a developed country by 2047, it said.
Matrix is undertaking a “name change and organizational update” to “clarify the localized approach each of these teams has taken to operating in each of its geographic regions since inception, as well as the organizational independence of each team,” Matrix Partners said in a post.
The enterprise capital firm stated that each team’s management “has been guided by separate decision-making processes and separate back-offices from the beginning.”
The decision follows the split of Sequoia’s India, Southeast Asia and China operations last 12 months amid geopolitical tensions between China and the United States
“The decision to change the name is driven by a shared commitment to market transparency, responding to regional market dynamics and an ongoing focus on local competition, which will benefit each organization’s portfolio companies, investors and partners,” Matrix said today.