Matrix is rebranding its India and China units, becoming the latest enterprise company to distance itself from its international franchises.
The US-headquartered venture capital firm will retain its name, while Matrix Partners India will change its name to Z47 and Matrix Partners China will change its name to MPC.
The unexpected rebranding will take effect from July 1. Notably, Matrix’s announcement also referred to its India and China operations as “Entities operating under the Matrix name” instead of as their own units.
Matrix Partners India said the rebranding will not impact its operating structure, existing funds or strategy. It said the new name is inspired by India’s journey towards becoming a developed nation by 2047.
Matrix Partners said in a post that Matrix is undertaking a “renaming and organizational update” to “reflect the localized approach each of these teams has taken to operating in each of their geographies since inception, and to clarify each team’s organizational independence.”
The venture firm said each team’s leadership “has been making separate decisions and working with separate back offices since the beginning.”
This step has been taken after this move by Sequoia. Division of India and South East Asia and China units Last year, amid geopolitical tensions between China and the US
“The decision to change the name 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.
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