The correct option is C I→V→VI→II→III→IV→VII
Marchantia, a bryophyte, has haplo-diplontic life cycle in which both gametophyte and sporophyte have multicellular, visible structures.
The male and female gametes are antherozoid and egg, respectively. They are haploid and fuse to give a diploid zygote. This is known as syngamy.
The zygote divides by mitosis to form the sporophyte. The sporophyte is diploid and dependent on the gametophyte for nutrition. It produces spores by reductional division or meiosis.
The spores germinate in a region which has favourable conditions like enough moisture. Spores undergo mitosis to form a multicellular gametophyte.
The gametophyte is haploid, independent (photosynthetic). It produces gametes by mitosis. The gametes fuse during syngamy to form the zygote.