News & Events

Multiples Alternate Asset Management invests in digital bank, Niyo

Date: July 2022

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.

Multiples further invested in MoEngage as the company raised USD 77 million in funding led by Goldman Sachs, B Capital

Date: June 1, 2022

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.

Multiples PE led consortium invests USD 88 million in BDR Pharma

Date: : 17 May 2022

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.


Multiples PE leads consortium invests USD 111 million in Kogta Financial

Date: March 31, 2022

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.


Multiples received the “Best Exit Performance of the Year in Private Equity” at the IVCA Conclave 2022

Date: March, 2022


Multiples received the Best Fund Raiser of the Year Award at the Annual VC Circle Event in 2022

Date: March, 2022

“Investing in new economic shakti for a new India” – the expert opinion written by Renuka Ramnath, Founder and CEO, covering the expectations of PE/VC industry from the budget

Date: January 27, 2022

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.

Renuka Ramnath was invited at the roundtable interaction hosted by Prime Minister Shri Narendra Modi

Date: : May 2022

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.

Renuka Ramnath was featured as part of Fortune’s “Most Powerful Women 2021"

Date: December 8, 2022

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.

Multiples participated in another fund raise of USD 30 million by MoEngage

Date: December 7, 2021

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.

Business Standard interviews Renuka Ramnath, Founder and CEO, Multiples

Date: : December 3, 2021

“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.

Acko raises USD 255 million in the funding round led by Multiples and General Atlantic

Date: October 28, 2021

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.

Multiples-backed Vastu Housing Finance raises ~USD 200 million from a consortium of investors

Date: October 28, 2021

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.

Renuka Ramnath welcomed by EMPEA as its Board of Directors

Date: June, 2021

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.

Multiples recognized for “Outstanding Action for Gender Diversity” at the IVCA Conclave 2021

Date: March, 2021

Multiples recognized as Best Exit Performance of the Year in Private Equity by IVCA Synopsis

Date: 2020

Multiples recognized as the Fund Raiser of the Year in Private Equity at the Apex 2020 PE/VC Awards

Date: 2020

Multiples was chosen as a case study as part of detailed report by IFC on Moving Toward Gender Balance in Private Equity and Venture Capital

Date: 2019

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.

Renuka Ramnath was featured as a part of AIWMI’s India Top 100 Women in Finance in 2019

Date: 2019

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.

Multiples’ backed Delhivery raised USD 450 million from SoftBank.

Date: November 2018

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.

Multiples to invest USD 150 million in FinTechs

Date: January 2018

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.

Warburg Pincus picks up 14 per cent stake in Multiples backed PVR for ₹820 crore

Date: January 2018

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.

Renuka Ramnath was featured as a part of Fortune’s Most Powerful Women in 2018

Date: 2018

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.

Multiples received the Best Deal of the Year in the listed category for RBL Bank at APEX 2018

Date: 2018

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Multiples received the Best Fund Raiser of the Year Award at the Annual VC Circle Event in 2018

Date: 2018

Multiples received the Best Fund Raiser of the Year Award at the Annual VC Circle Event 2017

Date: 2017

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Multiples invests in PeopleStrong, India’s leading HR technology player

Date: April 2017

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.

Multiples in talks to invest USD 41 million in Encube Ethicals

Date: July 2016

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 breaks myth on PE exits in India

Date: September 2016

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.

Multiples’ AUM crosses USD 1 billion post closure of second fund

Date: September 2016

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.

Business Standard interviews Renuka Ramnath before Budget 2016, Founder and CEO, Multiples

Date: February 2016

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.

Business Standard interviews Renuka Ramnath, Founder and CEO, Multiples

Date: December 2015

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.

Business Standard interviews Renuka Ramnath, Founder and CEO, Multiples

Date: August 2015

“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.

In conversation with Economics Times, Renuka Ramnath shares her Mantra for selecting a startup.

Date: December 2014

Renuka Ramnath, Founder and CEO shares her start-up Mantra on what she looks for when buying into a startup.

Renuka Ramnath welcomed by Ultratech as its Board of Directors

Date: October 2014

In October 2014, the Aditya Birla Group welcomed Renuka Ramnath as its board of directors as part of change in overall strategy to prepare for multibillion dollar overseas acquisition.

Business Standard interviews Renuka Ramnath, Founder and CEO, Multiples

Date: October 2014

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.