Matrix Partners India, an early backer of ride aggregator Ola and payment startup Razorpay, has raised USD 517 million so far for its fourth fund, surpassing its original USD 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 USD 525 million as it looks to ramp up investments in India's burgeoning startup ecosystem.

In addition to the fourth fund, Matrix Partners India is also looking to raise another sidecar fund of USD 14.75 million, a separate SEC filing showed.

Matrix had floated its fourth fund in June 2022. It closed its third fund for India at USD 300 million in 2019.

The VC invests in the seed, Series A and Series B rounds.

The development comes at a time when startups across the world are staring at a funding winter, especially in the growth stages, amid macroeconomic headwinds. In the early stages, however, transactions in India have largely remained unscathed so far.

While the share of early-stage deals in total funding was a mere 7.8 per cent in the first quarter of 2021, it hit double digits in the first quarter of 2022 and eventually grew to 24.5 per cent in the first quarter of this year, proprietary data collated by DealStreetAsia show.