Multiples
Multiples Alternate Asset Management is a Mumbai-based private equity firm managing approximately $3.5 billion across four funds, investing in mid-to-late stage Indian companies across pharma, healthcare, consumer, and technology sectors. Founded in 2009 by Renuka Ramnath, the firm applies a repeatable investment model to deliver growth capital, ownership transitions, and operational improvement to portfolio companies.
- Company typePrivate
- Founded2011
- HeadquartersWorli, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Multiples does
Multiples Alternate Asset Management Private Limited is an India-focused private equity firm founded in 2009 (maiden fund launched in 2011) and headquartered in Mumbai, with additional operations in GIFT City, Gandhinagar. The firm manages approximately $3.5 billion in assets across four flagship funds plus a continuation fund, with a portfolio of over 35 companies spanning pharmaceuticals, healthcare, consumer, financial services, and technology. Founded and led by Renuka Ramnath, the firm is sector-agnostic but has increasingly pivoted toward AI-first tech services and enterprise technology, with a publicly committed $2 billion deployment target by 2030.
The firm operates a traditional PE business model, earning management fees (typically 1.5–2% of committed/invested capital) across its pooled investment vehicles (Funds I–IV) and performance-based carried interest (typically 20% of profits above LP preferred returns). Multiples raises capital from institutional Limited Partners — domestic and global pension funds, sovereign wealth funds, endowments, and family offices — and deploys that capital through control and minority stake investments in growth-stage Indian companies. Notable transactions include the ₹2,921 crore acquisition of Zydus Animal Health's established markets business (2021), the $200M controlling stake in QBurst (2025), the 31.89% stake and promoter transition at VIP Industries for ₹1,750 crore (2025), and the exit from PeopleStrong to Goldman Sachs for ~$130M at a near 3x return (2025). The firm also raised a $430 million continuation fund in 2025, co-led by HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.
Multiples is staffed by a lean team of 11–50 employees led by Founder and CEO Renuka Ramnath, supported by three Managing Directors (Manish Gaur, Sudhir Variyar, Sridhar Sankararaman), a Head of Portfolio Management (Ramgopal Seethepalli), and a dedicated ESG function under SVP Vishal Bhavsar. The firm sources deals through entrepreneur networks, co-investor syndicates (TPG, KKR, Warburg, Sofina, Lighthouse, Motilal Oswal), and direct outreach, and it maintains a dedicated ESG framework as a portfolio-wide discipline. In March 2026, Multiples settled with SEBI over regulatory violations related to the delayed winding up of its maiden fund, paying approximately Rs 93 lakh.
Multiples firmographics
Firmographics- Name
- Multiples
- Legal name
- Multiples Alternate Asset Management
- Website
- https://multiplesequity.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Multiples Alternate Asset Management is a Mumbai-based private equity firm managing approximately $3.5 billion across four funds, investing in mid-to-late stage Indian companies across pharma, healthcare, consumer, and technology sectors. Founded in 2009 by Renuka Ramnath, the firm applies a repeatable investment model to deliver growth capital, ownership transitions, and operational improvement to portfolio companies.
- Ownership category
- akta.pro rank
Multiples industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Finance Services (6199)
- akta.pro primary industry
- Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)
- akta.pro secondary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
Keywords
Where Multiples is headquartered
LocationHeadquarters
- HQ city
- Worli
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Multiples business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Marketing or Sales, Technology or R&D
Revenue model
- Management Fees: Multiples earns management fees from its pooled investment vehicles (PE Funds I through IV) based on committed or invested capital, typically charged annually as a percentage of assets under management.
- Carried Interest: The firm earns performance-based carried interest (typically 20% of profits) from its PE funds once LPs receive their preferred returns, representing the primary upside for the GP.
Go-to-market motion1 record
Multiples product offering
Product offeringCore offering
Multiples Alternate Asset Management is a Mumbai-based private equity firm that raises pooled capital from institutional investors through a series of PE funds (Funds I–IV) and a continuation fund, then invests that capital into mid-to-late stage Indian companies through control and minority-stake equity transactions. It provides portfolio companies with growth capital, strategic guidance, operational support, and board-level oversight across sectors including pharma, healthcare, consumer, financial services, and technology. The firm manages approximately $3.5 billion in assets across more than 35 portfolio companies and targets $2 billion in AI-first tech and enterprise tech deployment by 2030.
Product overview
Multiples Alternate Asset Management is a private equity investment firm that does not offer a traditional product or service offering. The firm operates as a fund management company, deploying capital from its PE funds (Fund II, Fund IV) into portfolio companies across sectors including pharma, healthcare, consumer, and technology. As such, there are no named products, modules, or service offerings to enumerate.
Differentiator
Problem solved
Functional benefit
Products and services
- Multiples Private Equity Fund IV Closed-end private equity fund that invests institutional capital in mid-to-late stage Indian companies through control and minority-stake equity transactions across pharma, healthcare, consumer, and technology sectors. Offered to qualified institutional investors via private placement. Fund IV closed at $800 million in 2024.
- Multiples Continuation Fund Single-transaction continuation vehicle that allows existing Limited Partners to monetize or roll their interests in specific Multiples portfolio companies while bringing in new institutional capital. Closed at $430 million in 2025, one of the largest portfolio transactions in India, led by HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.
- Multiples Private Equity Fund I Maiden private equity fund of Multiples Alternate Asset Management, a $405 million vehicle launched in 2011 that seeded the firm's investment activities in Indian growth companies. Subject to a SEBI settlement in March 2026 over delayed winding-up of the scheme.
Quantifiable outcome
- Near 3x return on PeopleStrong exit to Goldman Sachs ($130 million from ~$45 million invested in 2017)
- +2 more outcomes
Companies that use Multiples
Customer profileSegments2 records
Ideal customer profiles2 records
Multiples technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Multiples partnerships and signals
Strategic signalScale indicators7 records
Recent moves7 records
Expansion highlights6 records
Multiples competitors and assessment
Company assessmentDirect peers
- ChrysCapital: India-focused private equity firm with similar mid-to-late stage growth and buyout orientation, sector-agnostic approach, and comparable AUM scale; one of Multiples' closest domestic competitors for Indian growth deals.
- Premji Invest: India-focused investment arm of the Premji/Wipro ecosystem making growth and late-stage investments across sectors; comparable AUM scale and similar focus on founder-led, mid-to-large cap deals.
- A91 Partners: India-focused growth equity firm investing in mid-stage consumer, technology, and services companies; sector-agnostic approach and similar control and growth investment orientation.
- Kedaara Capital: India-focused private equity firm investing in mid-to-large cap companies across sectors; similar buyout and growth equity model and comparable ticket sizes to Multiples.
Broad incumbents
- Advent International (India): Global private equity firm with significant India operations and multi-sector focus including financial services; larger AUM and global LP base, but overlapping deal universe with Multiples in India.
- Carlyle Group (India): Global private equity major with active India franchise investing across consumer, healthcare, financial services, and tech; much larger AUM but competes for similar Indian growth and control transactions.
- Warburg Pincus (India): Global growth investor with long-standing India franchise covering consumer, financial services, healthcare, and technology; directly competes with Multiples for high-quality Indian growth equity deals at larger checks.
- KKR (India): Global alternatives platform with substantial India PE operations across multiple strategies; competes for large-cap Indian buyouts and growth investments at materially larger fund sizes than Multiples.
- Bain Capital (India): Global private equity firm with India-dedicated team investing across consumer, financial services, healthcare, and tech; competes with Multiples for mid-to-large Indian growth and buyout opportunities.
- TPG Capital (India): Global alternatives major with India operations and a dedicated secondaries platform (TPG NewQuest) that co-led Multiples' continuation fund; broader sector coverage but overlapping Indian deal universe.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Multiples social profiles
Digital presenceMultiples financial estimates
Financial estimateRevenue estimate
Valuation estimate
Multiples leadership team
Management profileNumber of profiles
Profiles6 records
Multiples funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Multiples M&A and investment
M&A and investmentM&A4 records
Investments44 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Multiples
What does Multiples do?
Multiples Alternate Asset Management is a Mumbai-based private equity firm that raises pooled capital from institutional investors through a series of PE funds (Funds I–IV) and a continuation fund, then invests that capital into mid-to-late stage Indian companies through control and minority-stake equity transactions. It provides portfolio companies with growth capital, strategic guidance, operational support, and board-level oversight across sectors including pharma, healthcare, consumer, financial services, and technology. The firm manages approximately $3.5 billion in assets across more than 35 portfolio companies and targets $2 billion in AI-first tech and enterprise tech deployment by 2030.
Is Multiples a public or private company?
Multiples is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Multiples founded?
Multiples was founded in 2011. It employs 11 to 50 people.
Where is Multiples based?
Multiples is headquartered in Worli, India, in the Asia region.
How does Multiples make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Multiples's main competitors?
Direct peers on record are ChrysCapital, Premji Invest, A91 Partners and Kedaara Capital. Broad incumbents are Advent International (India), Carlyle Group (India), Warburg Pincus (India), KKR (India), Bain Capital (India) and TPG Capital (India).
Does Multiples have an API?
No public API is recorded for Multiples.
What industry is Multiples in?
Multiples's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSAAAJAJ, Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns), with a secondary code of FSANAGAL, Managed Account / SMA Multi-Manager Platforms. Its NAICS code is 523940 and its SIC code is 6282.