VC firm Matrix Partners India will be expanding the size of its latest fund from $450 million to $525 million, according to regulatory filings.

The US-based parent communicated about the expansion to the US Securities Exchange Commission in an additional filing. This is the fourth and the largest fund of Matrix Partners India.

The early-stage venture capital firm has already raised $517 million for the latest fund.

It announced the fourth fund last year to make further investments into emerging startups in the country.

This expansion hints at strong optimism in the Indian startup ecosystem despite the present funding environment. Matrix also joins the list of other leading global VC firms like Accel, Sequoia, Lightspeed Venture Partners, and Elevation Capital which have already announced new funds dedicated to India.

Matrix Partners has a wide portfolio of startups in India, including unicorns such as Razorpay and Ofbusiness.

However, any change in the capital inflow into Indian startups is unlikely in the near future as investors are still very cautious about letting their purse strings loose as uncertainty still looms over the global economy.