What stage does Multiples Alternate Asset Management invest at?

Multiples Alternate Asset Management invests at the Growth and Late stage stages.

What sectors does Multiples Alternate Asset Management invest in?

Multiples Alternate Asset Management focuses on Sector-agnostic, Financial services, Consumer, Logistics, Technology and Healthcare.

Which companies has Multiples Alternate Asset Management invested in?

Notable investments include Delhivery, Acko, Dream11, Vastu Housing Finance, Quantiphi, PVR Cinemas and MoEngage. See the full list on this page.

Who are the partners at Multiples Alternate Asset Management?

Key people include Renuka Ramnath (Founder, Managing Director & CEO) and Sudhir N. Variyar (Managing Director).

Where is Multiples Alternate Asset Management based?

Multiples Alternate Asset Management is headquartered in Mumbai.

Does Multiples Alternate Asset Management invest in women founders?

Multiples Alternate Asset Management is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.

Growth equity · Growth–Late stage · Mumbai

Multiples Alternate Asset Management

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Snapshot

Firm type: Growth equity
Founded: 2009
Headquarters: Mumbai
Fund / AUM: ~$3B AUM across funds (incl. a ~$430M continuation fund)
Geographies: India
Leads rounds: Yes
Last updated: 23 July 2026

About Multiples Alternate Asset Management

Founded by Renuka Ramnath, Multiples is an independent, largely sector-agnostic private-equity firm making mid- to late-stage growth investments in mid-sized Indian businesses. It manages roughly $3 billion across funds. Ramnath previously led ICICI Venture before starting the firm.

Multiples Alternate Asset Management is a growth equity based in Mumbai, founded in 2009, investing in India. It backs companies at the Growth and Late stage stages, with a focus on Sector-agnostic, Financial services, Consumer, Logistics and Technology. It usually leads the rounds it joins.

On fund size, the firm reports ~$3B AUM across funds (incl. a ~$430M continuation fund). Its portfolio includes Delhivery, Acko, Dream11, Vastu Housing Finance, Quantiphi and PVR Cinemas.

Investment focus

Stages

Growth Late stage

Sectors

Sector-agnostic Financial services Consumer Logistics Technology Healthcare

Notable investments

7 of Multiples Alternate Asset Management’s better-known bets, grouped by sector. Names in coral open the company’s profile or founder story on this site.

Logistics

Delhivery

IPO

Insurtech

Acko

Consumer internet

Dream11

Financial services

Vastu Housing Finance

Quantiphi

Media

PVR Cinemas

SaaS

MoEngage

How to pitch Multiples Alternate Asset Management

Practical pointers drawn from what Multiples Alternate Asset Management says it backs. Always confirm the current focus and process with the firm before you reach out.

They invest at Growth and Late stage. Approach them when your company is already scaling with strong metrics, through to companies at significant scale.
Their focus is Sector-agnostic, Financial services, Consumer, Logistics and Technology, so lead with why you fit there.
The strongest way in is a warm introduction, ideally from a founder they have backed, such as Delhivery, Acko and Dream11.
You can find the team and their current focus on their website, linked below.

Partners

Renuka Ramnath

Founder, Managing Director & CEO

Sudhir N. Variyar

Managing Director

Website & links

Website ↗

Frequently asked questions

What stage does Multiples Alternate Asset Management invest at?: Multiples Alternate Asset Management invests at the Growth and Late stage stages.
What sectors does Multiples Alternate Asset Management invest in?: Multiples Alternate Asset Management focuses on Sector-agnostic, Financial services, Consumer, Logistics, Technology and Healthcare.
Which companies has Multiples Alternate Asset Management invested in?: Notable investments include Delhivery, Acko, Dream11, Vastu Housing Finance, Quantiphi, PVR Cinemas and MoEngage. See the full list on this page.
Who are the partners at Multiples Alternate Asset Management?: Key people include Renuka Ramnath (Founder, Managing Director & CEO) and Sudhir N. Variyar (Managing Director).
Where is Multiples Alternate Asset Management based?: Multiples Alternate Asset Management is headquartered in Mumbai.
Does Multiples Alternate Asset Management invest in women founders?: Multiples Alternate Asset Management is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.