Z47 Managing Director Sudipto Sannigrahi has reportedly stepped down from the venture capital firm.

According to Moneycontrol, Sannigrahi plans to start his own venture and spend more time in San Francisco after his exit.

His exit comes as Z47, formerly known as Matrix Partners India, is raising its maiden independent fund after separating from the US-based Matrix entity in 2024. The firm is reportedly looking to raise between $300 million and $400 million.

Sannigrahi joined the firm in 2016 as an analyst and rose through the ranks to become managing director in 2023. During his stint, he worked on investments in startups including Krutrim, Captain Fresh, Bijnis, and Damensch.

The firm has also witnessed a series of senior-level exits in recent months. Former managing director Pranay Desai and other senior investment professionals have moved on as the firm restructures leadership following its rebranding and separation from Matrix US.

Z47 has backed several Indian startups across fintech, SaaS, consumer internet, and enterprise technology sectors over the years. Its portfolio includes companies such as Razorpay, Ola, Five Star Business Finance, Dailyhunt, OfBusiness, and Stanza Living.