Matrix venture firm distances from India and China affiliates

Matrix is rebranding its India and China affiliates, becoming the latest venture firm to distance its international franchises.

The U.S.-headquartered venture capital firm will retain its name, while Matrix Partners India will rebrand to Z47 and Matrix Partners China will rename itself MPC. Matrix began operating the India affiliated fund in 2006 and the China fund in 2008.

The unexpected rebranding takes effect July 1. Notably, Matrix's announcement referred to its India and China operations as "entities operating under the Matrix name" rather than as its own units.

Matrix Partners India stated that the rebrand will not affect its operational structure, existing funds, or strategy. The new name takes inspiration from India's journey towards becoming a developed country by 2047, it said.

Matrix is undertaking the "renaming and organizational update" to "clarify the local approach each of these teams has taken to operating in each of their geographies since inception and the organizational independence of each team," Matrix Partners said in a post.

The venture firm said each team's leadership has "operated with separate decision-making and separate back offices from inception."

The move follows Sequoia's splitting of its India and Southeast Asia and China units last year amid geopolitical tension between China and the U.S.

"The decision to rename is driven by a shared commitment to clarity in the marketplace, responsiveness to regional market dynamics and a continued focus on competing locally, which will benefit each organization's respective portfolio companies, investors, and partners," Matrix said today.