# Tarun Davda
Tarun Davda is an Indian venture capital investor, a Managing Director at Z47, the Mumbai firm known until July 2024 as [Matrix Partners India](https://www.edgepedia.org/matrix-partners-india), where he has backed early-stage consumer technology companies including Ola, MoEngage, and Captain Fresh.[1](https://www.linkedin.com/in/tarundavda) • [2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) He came to investing as an operator, having co-founded two Indian internet businesses before joining the fund in 2012.[3](https://www.z47.com/podcast/tarun-davda-building-matrix-partners-india) • [4](https://z47.webflow.io/team/tarun-davda) • [1](https://www.linkedin.com/in/tarundavda) In November 2025 the Economic Times reported that he plans to leave the firm by the end of 2026; Z47 told the newspaper the report was "blatantly false", and the matter is unresolved.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms)
| Fact | Detail |
|---|---|
| Current role | Managing Director, Z47, since July 2024 (Mumbai)[1](https://www.linkedin.com/in/tarundavda) |
| Prior firm role | Managing Director, Matrix Partners India, September 2012 to July 2024; partner since 2016[1](https://www.linkedin.com/in/tarundavda) • [2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) |
| Focus | Seed to Series-B consumer tech: eCommerce, travel and mobility, media/social/gaming[1](https://www.linkedin.com/in/tarundavda) |
| Known investments | Ola, MoEngage, Captain Fresh, Zupee, Stanza Living, SuperOps, Vegrow, Practo[1](https://www.linkedin.com/in/tarundavda) |
| Exits linked to his deals | Zarget (acquired by Freshworks), Myra Medicines (acquired by Medlife); Ola secondaries over $150M; MoEngage full exit around $80M[1](https://www.linkedin.com/in/tarundavda) • [2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) |
| Education | BE Production Engineering, VJTI Mumbai; Post Graduate Programme in Management (Analytical Finance; Strategy & Leadership), Indian School of Business[1](https://www.linkedin.com/in/tarundavda) |
## Early life and education
Davda trained as an engineer at Veermata Jijabai Technological Institute (VJTI) in Mumbai, completing a [Bachelor of Engineering](https://www.edgepedia.org/bachelor-of-engineering) in Production Engineering.[1](https://www.linkedin.com/in/tarundavda) He later took the Post Graduate Programme in [Management](https://www.edgepedia.org/management) at the [Indian School of Business](https://www.edgepedia.org/indian-school-of-business), with a dual major in Analytical Finance and Strategy & Leadership.[1](https://www.linkedin.com/in/tarundavda) His career record lists a first role as a project manager at Infosys before he moved into startups.[1](https://www.linkedin.com/in/tarundavda)
## Career: from operator to investor
Davda's route into venture capital ran through operating roles rather than banking or consulting. After Infosys, he joined BigRock.com as General Manager and Business Head; the firm, incubated by the Directi group, went on to become India's largest domain registrar and was later acquired by Endurance International.[1](https://www.linkedin.com/in/tarundavda) • [3](https://www.z47.com/podcast/tarun-davda-building-matrix-partners-india) • [4](https://z47.webflow.io/team/tarun-davda) He then co-founded StepOut.com in June 2011, serving as India CEO and a board member; the firm's own account says StepOut became India's number one online dating site with over 5 million users.[3](https://www.z47.com/podcast/tarun-davda-building-matrix-partners-india) IAC/[Match.com](https://www.edgepedia.org/match-com) acquired StepOut in September 2013, after Davda had already moved on.[1](https://www.linkedin.com/in/tarundavda)
[Avnish Bajaj](https://www.edgepedia.org/avnish-bajaj) recruited him after StepOut's Series B, according to Z47's team page, which notes that few Indian venture funds then had operators on their investment teams.[4](https://z47.webflow.io/team/tarun-davda) Davda joined Matrix Partners India in September 2012 as a Mumbai-based investor.[1](https://www.linkedin.com/in/tarundavda) He was elevated to partner in 2016 alongside [Vikram Vaidyanathan](https://www.edgepedia.org/vikram-vaidyanathan).[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) When the firm rebranded as Z47 in 2024, his title became Managing Director, a role he has held since July 2024.[1](https://www.linkedin.com/in/tarundavda)
## Notable investments and exits
Davda's portfolio list includes Ola, MoEngage, Captain Fresh, Vegrow, Practo, Stanza Living, Zupee, SuperOps, Itilite, Dealshare, Treebo Hotels, Dashtoon, Aramya, and Genwise.[1](https://www.linkedin.com/in/tarundavda) Two earlier investments were acquired: Zarget by [Freshworks](https://www.edgepedia.org/freshworks) and Myra Medicines by Medlife.[1](https://www.linkedin.com/in/tarundavda)
The outcomes the Economic Times quantifies are substantial. Z47 has sold more than $150 million worth of Ola shares in secondary transactions, though the report notes Ola has struggled against the rival Rapido.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) The firm has fully exited [MoEngage](https://www.edgepedia.org/moengage), the customer-engagement SaaS company Davda backed, for around $80 million.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) Captain Fresh, the B2B seafood supply-chain platform, is preparing for a public listing.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms)
## Role at Z47 and the firm's funds
At Z47, Davda focuses on early-stage investments from Seed to Series B in consumer technology, with verticals of interest including eCommerce, travel and mobility, and media, social, and gaming.[1](https://www.linkedin.com/in/tarundavda) His own profile describes the firm as managing roughly $3 billion across four dedicated India funds.[1](https://www.linkedin.com/in/tarundavda) The firm's previous fund, sized at $550 million, closed in 2023, and the firm has been raising a new $350-400 million vehicle, its first independent fund since splitting from Matrix Partners.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms)
**Selection by the numbers.** At YourStory's TechSparks in March 2023, Davda described the firm's funnel: "We meet about 3,000 companies in a year, of which we invest in 30-40", a select rate of roughly one to two percent of companies seen.[5](https://yourstory.com/2023/03/early-stage-startups-funding-tarun-davde-matrix-partners-techsparks)
## Investing philosophy in his own words
Davda describes himself as sector-agnostic within consumer tech, saying his common thread is the founder rather than the market: his investments in Ola (mobility), Stanza Living (consumer services), Captain Fresh (exports), Zupee (gaming), and MoEngage (software) share, in his words, "the kind of founder I like to work with".[4](https://z47.webflow.io/team/tarun-davda) He frames the firm's preference as backing "an exceptional founder who sees unique potential in an unproven market" over "a strong team going after a more established opportunity".[4](https://z47.webflow.io/team/tarun-davda) At TechSparks 2023 he urged founders to build quietly through a slower funding cycle, noting that every early-stage fund had raised new money in the prior 12 months and that "there is a lot of dry powder in the ecosystem".[5](https://yourstory.com/2023/03/early-stage-startups-funding-tarun-davde-matrix-partners-techsparks)
## Recent developments
Three developments mark the period since 2023. First, Matrix Partners India rebranded as Z47 in 2024, with Davda's title changing to Managing Director in July of that year.[1](https://www.linkedin.com/in/tarundavda) Second, the firm reported sizable liquidity: the Ola secondary sales exceeding $150 million and the roughly $80 million full MoEngage exit.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) Third, in November 2025 the Economic Times reported that Davda had not been closing new investments for about a year, was focused on Z47's fundraising for the new $350-400 million fund, and was set to leave by the end of 2026, possibly to launch his own fund or return to entrepreneurship.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms)
Z47 responded by email that the report of his exit is "blatantly false"; Davda did not respond to the newspaper's queries, so the two accounts stand unreconciled.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) The same report situates his case within wider churn at the firm and across Indian venture capital: other Z47 departures include Pranay Desai, Sudipto Sannigrahi, and principal Chandrasekhar Venugopal, while peer Peak XV has seen multiple managing directors leave, including [Ashish Agrawal](https://www.edgepedia.org/ashish-agrawal), Ishaan Mittal, and [Tejeshwi Sharma](https://www.edgepedia.org/tejeshwi-sharma).[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms) Z47's current managing directors are listed as Vaidyanathan, Rajinder Balaraman, Rajat Agarwal, and Akash Kumar.[2](https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms)
## References
1. Tarun Davda, LinkedIn profile. https://www.linkedin.com/in/tarundavda
2. "Z47 managing director Tarun Davda to exit firm amid string of top-level departures at VC funds", The Economic Times. https://economictimes.indiatimes.com/tech/technology/z47-managing-director-tarun-davda-to-exit-firm-amid-string-of-top-level-departures-at-vc-funds/articleshow/131572381.cms
3. "Tarun Davda - Building Matrix Partners India", Z47 podcast. https://www.z47.com/podcast/tarun-davda-building-matrix-partners-india
4. "Tarun Davda, Managing Director", Z47 team page. https://z47.webflow.io/team/tarun-davda
5. "It is time to build silently: Tarun Davda, Partner and MD, Matrix Partners", YourStory, March 2023. https://yourstory.com/2023/03/early-stage-startups-funding-tarun-davde-matrix-partners-techsparks
---
*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Venture and growth investors › India and Asia-Pacific venture › Indian venture investors and funds*
*Initially written Sep 17, 2026 · Edited: Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license