Indigenous private equity (PE) fund Multiples Alternate Asset Management has raised $640 million for its India-dedicated Fund IV. Multiple media sources reported that this fund shares a vision to bring global institutional investors like CPPIB and IFC, and local investors like SBI and private insurance companies together.
According to a report by the Economic Times (ET), Multiples is aiming to close its final round at $1 billion. By using the green shoe option, it is planning to invest $1.5 billion in multiple start-ups.
Founded in 2009 by Renuka Ramnath, the fund has invested in companies like Delhivery, PVR Cinemas, Dream 11, PeopleStrong, IEX Energy Exchange, Livpure, South Indian Bank, Vikram Hospital, ACKO, Licious and MoEngage.
“We have built specialization over the last decade on three main strategies such as identifying big shifts (primarily technology-led) and investing in them at their inflection point; catalyzing transformative growth; and investing in platforms for multi-decadal growth potential," Renuka Ramnath, MD of Multiples, said while addressing the fundraising.
“This fundraise is yet another important milestone in the growth and evolution of Multiples as an institution, providing wings to the dreams and aspirations of entrepreneurs. We are excited about the India opportunity and the tremendous entrepreneurial energy that’s propelling the country forward. We acknowledge the trust and confidence placed in us by our investors and look forward to continuing to create value and delivering cash returns,” added Sudhir Variyar, MD and deputy CEO of Multiple Alternate Assets Management.