Tarun Davda, managing director at Z47 (formerly Matrix Partners India), is set to leave the firm by the end of this year after nearly 15 years of service. His departure is part of a broader trend of senior exits within the Indian venture capital sector, which has seen a series of top-level changes recently. Davda has been instrumental in backing successful startups such as Ola and MoEngage, helping Z47 achieve significant returns, including over $150 million from secondary transactions. Currently, Z47 is in discussions with limited partners to raise a new fund estimated between $350-400 million, marking its first independent venture since its split from Matrix Partners two years ago. This follows a string of departures from Z47, including Pranay Desai and Sudipto Sannigrahi, as well as other firms like Peak XV Partners, which has also seen key managing directors leave to establish new investment firms. Z47's previous fund closed in 2023 at $550 million, and the firm is navigating a challenging landscape as it seeks to bolster its investment capabilities amid leadership transitions.