Multiples PE Announces First Close Of Fund IV At $640 Mn

Mumbai-based private equity (PE) firm Multiples Alternate Asset Management has announced the first close of its Fund IV with a subscription of over $640 Mn.

Multiples Fund IV sees investment from investors such as the Canada Pension Plan Investment Board (CPPIB) and International Finance Corporation (IFC), along with local institutions such as the State Bank of India (SBI), private insurance companies and domestic family offices.

Incidentally, Multiples Fund IV is one of the largest funds launched in India this year, only behind B Capital’s $2.1 Bn Growth Fund III and Nexus Ventures’ $700 Mn Nexus Ventures VII.

“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 propelling the country forward,” said Sudhir Variyar, MD and deputy CEO of Multiples Alternate Asset Management.

Founded in 2009 by Renuka Ramnath, Multiples PE invests in mid-sized companies and growth to late stage startups. A typical Multiples cheque is worth between $15 and $50 Mn. So far, it has launched three PE firms, claiming to have more than $3 Bn in assets under management (AUM) and a portfolio of 29 companies.

Besides backing big-name Indian corporates such as PVR Cinemas, Livpure and RBL Bank, the PE firm has backed startups such as listed Delhivery, unicorns ACKO, Dream11 and Licious, soonicorn Niyo and growth stage Quantiphi.

Multiples’ first three funds had a corpus of $405 Mn, $690 Mn and $680 Mn, respectively, with the fourth rounds also achieving a similar first close. The PE firm did not disclose the total corpus of Fund IV or whether it has any greenshoe options.

The PE firm’s announcement comes just a day after VC firm Chiratae Ventures announced the final close of its Growth Fund I at INR 1,001 Cr (around $123 Mn).

Since the start of 2023, investment firms have launched or announced funds worth more than $2 Bn, according to data compiled by Inc42. Investment firms had also raised close to $16 Bn in dry powder last year, signalling a consistently positive sentiment for the world’s third-largest startup ecosystem.

The fund announcements come at a time when India’s startup ecosystem is going through a massive market correction, as funding plummets to pre-pandemic levels. Per Inc42 data, startup funding in April 2023 fell by 66% year-on-year, as chilly macroeconomic headwinds continue to prevail in the global economy.