Multiples Alternate Asset Management
Mumbai private equity firm founded by Renuka Ramnath
Multiples Alternate Asset Management took part in 2 disclosed rounds in Indian startups in 2026 (1 as lead), most often Growth rounds in AI & Deep Tech; its latest was GIVA on 3 November 2026.
About Multiples Alternate Asset Management
Multiples is a Mumbai private equity firm set up by Renuka Ramnath, who earlier ran ICICI Venture. It has raised four India-focused funds and reports roughly 30 portfolio companies. In 2025 it closed a $430 million continuation fund to hold three companies while giving earlier investors liquidity.
Investment thesis
- Takes significant stakes in Indian mid-sized companies, often leading consortiums
- Backs consumer, healthcare and technology businesses
- Uses continuation funds to keep owning winners past a fund's life
Stages
Sectors
Typical cheque: Large growth and buyout cheques
Team
Funds
- Fund III (2019) · $560M · India
- Fund IV (2024) · $640M to $800M (sources differ) · India
- Continuation fund (2025) · $430M · Vastu, Quantiphi, APAC Financial
Deals in 2026
Stage and sector mix
Disclosed rounds Multiples Alternate Asset Management took part in, by stage and by sector.
| Stage | 2026 | 2025 |
|---|---|---|
| Growth | 1 | 0 |
| Sector | 2026 | 2025 |
|---|---|---|
| AI & Deep Tech | 1 | 0 |
| Commerce & Consumer Brands | 1 | 0 |
Frequent co-investors
| Investor | Rounds together |
|---|---|
| Prime Focus | 1 |
Exits and IPOs in the portfolio
| Company | Event | Latest story | Date |
|---|---|---|---|
| ZA | Acquisition / merger | Zenex buys SAVAVET pet care business | 30 September 2026 |
DE Delhivery | IPO | Delhivery completes its initial public offering on the NSE | 12 September 2026 |
| MO | Acquisition / merger | MoEngage acquires AI infrastructure company Aampe | 24 June 2026 |
AC ACKO | IPO | ACKO eyes $300 million IPO filing | 9 June 2026 |
Best bets in India
Indian portfolio
- ACACKOFintech · 2026 · Led
- BP
BDR PharmaHealth · 2022 · LedAbout 9.3% stake for Rs 685 crore, led consortium
- BA
Brahma AIAI & Deep Tech · 2026 · Led - DEDelhiveryLogisticsListed
- DR
Dream11Media & gaming
- GI
GIVACommerce & Consumer Brands · in at Growth · 2026 - IE
IEX Energy ExchangeClimate & energyListed
- LI
LiciousConsumer brands
- LI
LivpureConsumer brands
- MO
MoEngageSaaS
- PE
PeopleStrongSaaS
- PC
PVR CinemasMedia & gamingListed
- QU
QuantiphiAI & deep techHeld via 2025 continuation fund
- VH
Vikram HospitalHealth
- VI
VIP IndustriesConsumer brands · 2025ListedConsortium buying about 32% from promoters
- ZA
Zenex Animal HealthHealthcare & Life Sciences · 2026
India-based companies only. Linked names have a StopDown page; the rest link up on their own as soon as we cover them.
Multiples Alternate Asset Management in the news
- GIGIVA · Funding · 3 November 2026 · $100M+Giva raises over $100M led by MultiplesGiva sells everyday-wear and gifting jewellery in silver, gold and lab-grown diamonds, with over 400 stores across India and Sri Lanka
- ZA
- BABrahma AI · Funding · 22 September 2026 · $150MBrahma AI raises $150M at $2B valuation, led by MultiplesBrahma AI builds AI-native platforms for managing and creating audiovisual content for enterprises
- ACACKO · Results · 11 May 2026Acko turns profitable in FY26, plans IPOAcko General Insurance is a digital-first insurer offering motor, health, and travel policies
Read next: companies in the portfolio
Questions about Multiples Alternate Asset Management
How many investments did Multiples Alternate Asset Management make in India in 2026?
StopDown has recorded 2 disclosed rounds in Indian startups with Multiples Alternate Asset Management in 2026 so far, 1 of them as lead. The latest was GIVA on 3 November 2026 ($100M+).
Which sectors does Multiples Alternate Asset Management invest in?
In the 2025 and 2026 rounds StopDown recorded, Multiples Alternate Asset Management invested most often in AI & Deep Tech (1 round) and Commerce & Consumer Brands (1 round). Its stated focus: Consumer brands, Health, SaaS and Logistics.
Does Multiples Alternate Asset Management lead rounds?
Yes. StopDown's records name Multiples Alternate Asset Management as lead or co-lead in 1 of the 2 rounds it took part in during 2025 and 2026, 1 of them in 2026.
Which Indian unicorns has Multiples Alternate Asset Management backed?
Multiples Alternate Asset Management's Indian portfolio includes ACKO, which StopDown's coverage or the investor's own material describes as unicorns.
What is Multiples Alternate Asset Management's first cheque size?
Multiples Alternate Asset Management's typical cheque, as it states it: Large growth and buyout cheques.
Sources: privateequitylist.com · business-standard.com · media.dealstreetasia.com · startup2.outlookindia.com · business-standard.com · business-standard.com · business-standard.com · checked 2026-10-18