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Matrix Partners India raises $517m for fourth fund

Early backer of ride aggregator Ola exceeds $450m target, aims to hit $525m

Besides its ongoing fourth fund, Matrix Partners India is also looking to raise another sidecar fund of $14.75 million. (Source photo by AP and logo from Matrix Partners India's website)

NEW DELHI -- Matrix Partners India, an early backer of ride aggregator Ola and payment startup Razorpay, has raised $517 million so far for its fourth fund, surpassing its original $450 million target, according to regulatory filings with the U.S. Securities and Exchange Commission.

The total that the venture capital firm is now looking to raise for the fund is $525 million as it looks to ramp up investments in India's burgeoning startup ecosystem.

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