Multiples PE

Multiples PE, also called Multiples Alternate Asset Management Private Limited, is a firm out of India specializing in private equity management. The company focuses upon investments in the mid to late-stage equity phases. Founded in 2009, Multiples PE is an India-centric investment firm that partners with local entrepreneurs to contribute to India’s investment ecosystem positively, profitably, and sustainably. The company currently manages close to $1.8 bn across a 20+ company portfolio. Multiples PE occupies a unique position in the Indian business environment that promotes investment across sectors and stages, allowing Multiples PE to simultaneously occupy space in the medical, fintech, DeFi, and retail finance circles.

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Data sourced from Crunchbase 2023

Overview of Multiples PE

Brief History

Multiples PE was founded by Renuka Ramnath. Ramnath received her business education first from Veermata Jijabai Technological Institute of Mumbai, before achieving a Master of Business Administration at the University of Mumbai and completing an advanced management program at Harvard Business School. In one of her first professional roles, Ramnath was the managing director, and later CEO of ICICI Ventures. Under Ramnath’s tutelage, the firm grew to become one of India’s largest and most important PE firms. This experience prepared her to head Multiples PE, and laid the groundwork for the influential network of corporate relationships throughout India that the company now utilizes.

Significant Investments

Multiples PE practices an incredibly flexible investment strategy which allows the company to maximize value and pursue everything from minority investments to major buyouts. However, these investments almost always revolve around Indian entrepreneurs and corporations to facilitate positive change in the nation. NiYO Solutions of Bangalore, India, is one such example of this strategy. The company helps create financial access to company benefits for salaried employees, reducing instances of lost capital and assisting in wealth management. NiYO’s latest venture round in July of 2022 achieved a 2.4 bn Rupee investment from Multiples PE, bringing the company’s lifetime fundraising above the $160 million threshold. BDR Pharmaceuticals Internationals is another such organization. This Indian medical equity firm focuses on investments in oncology, gynecology, and neurology. Multiples PE was a major investor in the company’s private equity round in April of 2022. In March of 2022, Multiples PE led the Series D funding round for Kogta Financial India Limited. This fast-growing West Indian NBFC is also sponsored by Morgan Stanley Asia, among other investors, and is now worth over $175 million.

Multiples PE In The News

In July of 2022, Multiples PE invested around $30 million in neobanking startup NiYO. The team at NiYO Solutions plan to use these funds to expand the product’s customer base, as well as the product’s capabilities. This will allow NiYO to offer more consumer-focused products and services like credit cards and loan consultations. In June of 2022, Multiples PE participated with Goldman Sachs and BCapital in the Series E funding round for MoEngage, a cloud-based marketing service, bringing the company’s total funding above the $200 million threshold. In March of 2021, a joint deal was announced between Renuka Ramnath’s Multiples PE and Canadian pension firm Canada Pension Plan Investment Board in which the two companies would acquire Zydus Cadila Healthcare, an animal healthcare organization. The deal was reportedly worth around 3,000 crore, or $450 million.

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