Multiples PE announced the successful first close of its Fund IV, with a subscription of over USD 640 Mn. Multiples Fund IV brings together a unique combination of leading global institutional investors like CPPIB and IFC, local institutions like SBI and private insurance companies, and leading domestic family offices. Over the last decade, Multiples has built specialization in three main strategies viz. a)identifying largely tech-led big shifts and investing in them at their inflection point, b) catalyzing transformative growth; and c) investing in platforms for multi-decadal growth potential. This approach has enabled it to deliver exceptional performance across industries and timeframes.
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Multiples Alternate Asset Management with its co-investors invested Rs 1200 crore in TI Clean Mobility Private Limited, a Murugappa group company. TICMPL, a wholly owned subsidiary of Tube Investments of India Limited (TII) has already unveiled its passenger 3-wheeler electric vehicle. The company, through its subsidiaries, is driving the design and development of electric tractors and electric Heavy Commercial Vehicles.
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In July 2022, Multiples invested USD 30 million, in consumer-facing neobank platform Niyo Solutions. The funds will be utilised to expand product capabilities and increase the customer base through organic and inorganic opportunities. The proceeds will also be used for brand building and bolstering team strength across functions.
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MoEngage Inc. raised additional USD 77 million in a funding round led by Goldman Sachs and BCapital. Multiples also participated in this round. The funds are likely to be used to scale up its research capabilities as well as for potential strategic acquisitions. MoEngage has presence in 35 countries, with 1,000+ enterprises powering digital experiences for over 900 million users every month.
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In May 2022, Multiples led consortium invested ?685 crore, or around USD 88 million, in drugmaker BDR Pharmaceuticals International for a 9.3% stake. The company is likely to use the funds to boost its research and development capabilities and expand its manufacturing capacity. BDR also aims to selectively scout for acquisition opportunities.
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In March 2022, Multiples led consortium invested ?846 crore or around USD 111 million as a part of its Series D funding in non-bank lender Kogta Financial (India) Ltd. The new infusion will be primarily used by the company for products and geographical expansion. Kogta Financial is a retail non-banking financial company (NBFC) based out of Jaipur. It specialises in vehicle and micro, small and medium enterprise (MSME) financing space.
Authored article written by Renuka Ramnath, was published by Mint as part of the Expert Opinion Column. The article was focused on what can help improve the penetration of domestic investment share in the PE/VC industry and how the regulators can support to unlock further potential of the PE/VC industry.
Prime Minister Shri Narendra Modi hosted a roundtable interaction with representatives of PE/VC industry. Prime Minister sought suggestions towards improving Ease of Doing Business in India, attracting more capital and furthering the reform process in the country. The industry leaders presented and discussed the proposals of the PE/VC industry to make it more prolific in helping companies start, grow, and flourish.
In 2021, Renuka Ramnath, Founder and CEO, was featured as part of Fortune India’s ‘The Most Powerful Women 2021’. Renuka’s exemplary work for the private equity industry and for the entrepreneurs have immensely acknowledged by the industry leaders as well as regulators. Roll up your sleeves and face it has been her approach in the field where fortunes and destinies change quickly, and that is what makes her stand out of the pack.
In December 2021, MoEngage Inc. raised additional USD 30 million in a funding round led by Steadview Capital. Multiples also participated in this round. The funds raised are likely to be utilised towards strengthening the product's AI and predictive capabilities, while accelerating its global growth strategy. MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brand. The business has presence in 35 countries, with 1,000+ enterprises powering digital experiences for over 900 million users every month.
“2021 was an exceptional year for the Private Equity industry in general and for Multiples in specific,” said Renuka Ramnath, Founder and CEO, in an interview with Surajeet Das Gupta of Business Standard. “In the last decade, 2021 was one of the best years for Multiples. India saw more than 120 deals of over USD 100 million in 2021 alone and total capital flow was close to USD 60 billion during 2021,”she added. She also shared how entrepreneurship itself has evolved in the last decade and the opportunities have grown multifold for the entrepreneurs as well as the investors.
In October 2021, Acko raised USD 255 million in a funding round led by General Atlantic and Multiples, valuing the company at USD 1.1 billion. The funds raised are likely to be invested in developing the health insurance market. Acko pioneered direct-to-consumer (D2C) auto insurance in India and has gained a significant market share in embedded insurance products like mobility and gadget insurance across large digital consumer platforms.
In October 2021, Multiples-backed Vastu Housing Finance raised ~USD 200 million. This transaction is the largest private equity investment in the affordable housing segment in India to date. Multiples, the largest institutional investor in Vastu, divested a small stake in this round. Association with Vastu stands testimony to Multiples’ ability to recognise talent, imbibe confidence in the entrepreneurs and provide them the unconditional support beyond just capital to unleash their potential.
In June 2021, EMPEA, the global industry association for private capital in emerging markets, welcomed Renuka Ramnath as its board of directors along with Bill Ford, Chief Executive Officer of General Atlantic, and Suyi Kim, Head of Asia Pacific at Canada Pension Plan Investment Board.
IFC, in its report on the theme “Gender Balance in Private Equity and Venture Capital” chose Multiples as their case study for “Environment that forces a choice between family and career”. Multiples was featured as a case study of the conducive environment it creates to empower talented women managers.
In 2019, Renuka Ramnath, Founder and CEO, was featured as a part of AIWMI’s India Top 100 Women in Finance. Her outstanding contributions to the financial sector have been widely recognised by industry leaders.
In November 2018, Delhivery, India’s largest logistics company raised USD 450 million from SoftBank. This round of funding led the overall valuation of the company at over USD 1 billion, welcoming it into the unicorn club.
In conversation with HinduBusinessLine, Renuka Ramnath told that Multiples is looking to invest in fintech actively. Further, she added that investments in traditional technology companies can migrate to digital opportunities around digital and cloud computing segments. Multiples plans to invest USD 150 million in financial tech sector and digital companies in India. Fintech investments are on the rise as banks around the world struggle to deal with technology-related concerns.
In January 2018, Private equity firm Warburg Pincus acquired about 14 per cent stake through its affiliates in the leading multiplex chain PVR Ltd for around ?820 crore. The stake is being acquired from the affiliates of Multiples who remains a long term investor. Multiples has been a long term investor in PVR and continues to hold a significant stake in the company.
In 2018, Renuka Ramnath, Founder and CEO, was featured in Fortune India’s ‘The Most Powerful Women’. Her outstanding contributions to the private equity industry and entrepreneurs have been widely recognised by industry leaders and regulators.
In March 2017, Multiples made an investment in PeopleStrong through a combination of primary and secondary investments. PeopleStrong is one of the fastest growing HR Technology and Solutions companies in India, with over 175 customers spread across all major industries.
Mumbai based Encube Ethicals Pvt. to raise around USD 41 million. Encube Ethicals is a contract development and manufacturing firm for topical semi‑solid formulations such as gels and ointments and serves pharma and cosmetic companies in the US, Europe and India.
In conversation with VC Circle, Renuka Ramnath, dismisses the perception among a set of investors that India is a difficult market to secure exits from and shares her experience of having closed its second fund.
In September 2016, Multiples has wrapped up the fundraising process for its second fund. Multiples has garnered the fifth-largest sector agnostic private equity investment corpus ever raised for India. In conversation with VC Circle, Renuka Ramnath, Founder and CEO, shared that the second fund - the main fund with USD 550 million and the co-investment fund with USD 135 million.
In conversation with Business Standard, Renuka Ramnath, Founder and CEO, talks about how she would like to see the issues of tax parity solved and this includes pass-through for income for AIF, without distinguishing between business income and others.
Renuka Ramnath, Founder and CEO, shares on how in the past 15 years Private Equity has evolved from being a financial solution for start-up enterprises to being a more ubiquitous term in the dictionary of Indian entrepreneurs, financial markets, regulators and the newspapers along with some paradigm shifts.
“Today, private equity has evolved as an asset class, being seen as risk capital of a long-term nature that is available for the corporate, it is not longer looked as the growth capital” said Renuka Ramnath, Founder and CEO, in an interview with Abhineet Kumar of Business Standard. She also shared her investment strategy for Fund II.
There could be consolidation of teams, rather than of funds, says Renuka Ramnath in an interview with Reghu Balakrishnan of Business Standard. She also shares her views on the changing scenarios on fundraising and investment.