Matrix Partners India has extended the target size for its current fund to $525 million, from $450 million it disclosed earlier, joining a burgeoning roster of venture capital funds intending to deploy in excess of half a billion dollars for new investment initiatives in the South Asian market.

The Indian firm, whose portfolio includes Razorpay and Ofbusiness, has raised $518 million for its new fund, fourth for India, and is targeting to raise another $7 million, it disclosed in an SEC filing.

The firm’s new fund comes at a time when scores of other investors have raised new capital — and nearly all at a much faster pace. It did not immediately respond to a request for comment Tuesday.

Sequoia India and Southeast Asia unveiled a $2.85 billion fund last year, after raising at least three funds in the past three years. Lightspeed Venture Partners, which closed a $275 million fund in 2020, unveiled a new $500 million fund last year. Accel, Elevation Capital and Nexus Venture Partners have also unveiled large new India funds in the past one year.

Matrix Partners India is still a notable venture fund. Out of India’s 102 unicorn startups, 10 of them are among Matrix Partners India’s portfolio. Comparatively, Elevation Partners is an investor in 12 of them, Accel has invested in 21, and Sequoia leads the pack with 31, according to data insight platform Venture Intelligence.