Sudipto Sannigrahi has reportedly stepped down as Managing Director at venture capital firm Z47, as the firm undergoes leadership restructuring following its split from Matrix Partners US.
According to Moneycontrol, Sannigrahi plans to launch his own venture and spend more time in San Francisco after leaving the firm.
His departure comes at a crucial time for Z47, formerly known as Matrix Partners India, which is currently raising its first independent fund after separating from the US-based Matrix entity in 2024. The firm is reportedly targeting a fund size of $300–400 million.
Sannigrahi joined the firm in 2016 as an analyst and steadily rose through the ranks before being elevated to Managing Director in 2023. During his tenure, he worked on investments in startups such as Krutrim, Captain Fresh, Bijnis, and Damensch.
The firm has witnessed multiple senior-level exits in recent months. Former Managing Director Pranay Desai and several investment professionals have also moved on as Z47 reshapes its leadership structure post rebranding.
Over the years, Z47 has emerged as one of India’s prominent early-stage venture capital firms, backing startups across fintech, SaaS, enterprise technology, and consumer internet. Its portfolio includes companies such as Razorpay, Ola, Five Star Business Finance, Dailyhunt, OfBusiness, and Stanza Living.
The latest exit highlights the broader churn underway within India’s venture capital ecosystem, where several firms are restructuring leadership and repositioning strategies amid changing market dynamics and fundraising environments.
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