Multiply Ventures

What Multiply Ventures does

Multiply Ventures is a thesis-driven, early-stage venture capital fund focused on Indian consumer technology companies. Established in 2020 and registered with the Securities and Exchange Board of India as a Category I Alternative Investment Fund (Registration No. IN/AIF1/19-20/0778), the firm operates through MVG Advisory LLP and is headquartered in Bengaluru, Karnataka. Its maiden fund, India Foundation Fund Series I, closed at Rs 260 crore (approximately $32–33 million) in June 2022 and targets pre-seed to Series A investments across consumer-facing sectors including education, fintech, health and wellness, and retail-enabled technology. The fund does not develop proprietary technology products; its offering consists of investment capital paired with structured operational and network support.

The firm deploys capital through a milestone-based model in which it invests an initial round and commits follow-on tranches upon achievement of mutually agreed milestones with founders. Beyond capital, Multiply Ventures differentiates through three value-add platforms: a "Doers Network" providing portfolio companies with experienced operators across product, technology, growth, and design functions; ecosystem partnerships with consumer-footprint companies that grant portfolio companies access to established customer bases; and direct operational guidance from its three founding general partners — Bhushan Patil (IIT alumnus; ex-Paytm, Alibaba, Yahoo, Talisma), Raveen Sastry (co-founder of Myntra, Nudgespot, Hoopos; early employee at Xora), and Sanjay Ramakrishnan (ex-Google, Intel, Myntra, Flipkart, Ogilvy, GE Healthcare). The team is supplemented by a Vice President of Investments (Shruti Singhal, formerly Indian Angel Network) and an Operating Partner (Natarajan Ranganathan, ex-CFO/COO of Helion Ventures and Tavant Technologies) who adds institutional fund-management depth.

Multiply Ventures monetizes through standard venture fund economics — management fees on committed/invested capital and carried interest on fund returns realized through exits. The active portfolio spans 30+ companies including Tekie (acquired by UOLO — the firm's first disclosed exit), Riyaz, Nova Benefits, MyDesignation, Freed, Good Monk, Iluvia, Ximkart, Eternz, LemmeBe, Nutty Yogi, OneCare, BharatX, Cheq, Upswing, Grip, Pay3, Being, Slikk, Jovian, Two.o Capital, Clever Harvey, and Fundly. Its primary customers are early-stage Indian consumer-tech founders, with institutional limited partners serving as upstream capital providers. As of the input data, no successor fund has been announced.

Name

Multiply Ventures

Legal name

MVG Advisory LLP

Website

https://multiplyventures.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Multiply Ventures is a Bengaluru-based, thesis-driven early-stage VC fund investing in Indian consumer tech companies from pre-seed to Series A, deploying milestone-based capital and operator-led support through three founding general partners from Paytm, Myntra, Flipkart, and Google.

Ownership category

akta.pro rank

Product category

Venture Capital / Early-Stage Investment Fund

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Early-stage venture capital
• Consumer tech investing
• Seed-stage funding
• Series A funding
• India venture fund

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management / Investment Returns: VC fund generating returns through equity investments in early-stage consumer tech startups. Returns realized through exits via acquisitions, IPOs, or secondary sales. Fund is registered as SEBI Category I Venture Capital Fund (Registration No. IN/AIF1/19-20/0778).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Multiply Ventures is a thesis-driven, early-stage venture capital fund that invests in and supports Indian consumer tech founders from pre-seed through Series A. The fund deploys milestone-based equity capital combined with operational mentorship, access to a Doers Network of product, tech, growth, and design talent, and ecosystem partnerships that provide customer access to portfolio companies. Its maiden fund, India Foundation Fund Series I, is a SEBI-registered Category I AIF with a corpus of Rs 260 crore.

Product overview

Multiply Ventures is a thesis-driven, early-stage VC fund focused on consumer tech in India. The firm does not offer a product or service in the traditional sense—it is an investment fund that provides capital, operational expertise, and ecosystem support to early-stage consumer technology startups. The fund's offering consists of financial investment and strategic partnership with portfolio companies, rather than a software product, platform, or module-based architecture.

Differentiator

Problem solved

Functional benefit

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Timex Group IndiaminorStrategic or Co-development Partner · 9 October 2025Strategic partnership announced for Eternz (portfolio company) to expand into watches and international jewelry, including global brands. Eternz is a vertical jewelry marketplace that closed Pre-Series A funding led by Multiply Venture Partners.
• Ecosystem Partners (Consumer Footprint Companies)coreStrategic or Co-development PartnerCompanies with large consumer footprint that are willing to partner with portfolio companies and provide access to their consumers when there are adjacencies. These partnerships enable portfolio companies to gain customer access through established distribution channels.
• Doers NetworkcoreOthersNetwork of experienced professionals across product, tech, growth, and design functions who are willing to spend time with portfolio companies to solve specific challenges. Partners have experience working with portfolio companies and have demonstrated willingness to help.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• GVFL (formerly Gujarat Venture Finance Limited): Long-standing India VC/PE firm with SEBI-registered AIFs investing across consumer-tech, healthtech, and fintech at early and growth stages. Provides comparable AIF-category context for Multiply's fund structure.
• Chiratae Ventures (formerly IDG Ventures India): Established India VC with deep consumer-tech and SaaS portfolio and significantly larger AUM. Overlaps with Multiply on early-stage consumer deals but at a much broader scale and typically later-stage entry as well.
• Peak XV Partners (formerly Sequoia Capital India): India's largest growth-stage VC with broad consumer-tech exposure. While typically competing at Series B+, it increasingly moves downstream into seed/Series A in consumer-tech, increasingly overlapping with Multiply's competitive set.

Direct peers

• Fireside Ventures: India-focused early-stage VC specializing in consumer brands and consumer-tech, with a thesis-driven operator approach that closely mirrors Multiply's. Directly competes for similar D2C, edtech, and consumer-services deals at pre-seed/seed.
• Blume Ventures: One of India's most active early-stage VCs, investing across consumer-tech, SaaS, and fintech. Competitively leads and co-invests at seed/Series A stages with a similar fund size band, often appearing in the same rounds as Multiply.
• 3one4 Capital: Early-stage India VC investing across consumer-tech, fintech, and digital services with a founder-first operating approach. Comparable thesis, check sizes, and stage focus as Multiply Ventures.
• Kae Capital: Early-stage India VC investing in consumer-tech, fintech, and SaaS at pre-seed/seed stages. Frequently co-invests alongside Multiply (e.g., Eternz Pre-Series A), making it a natural co-investor and competitor.
• Tanglin Venture Partners: India-focused early-stage VC backing consumer-internet and SaaS startups at seed/Series A. Similar operator-network model and stage focus, making it a close comparable on thesis and check size.
• Veltis Capital: India-focused consumer and D2C early-stage VC that has co-invested alongside Multiply Ventures (e.g., MyDesignation Series A). Comparable stage, sector focus, and check size to Multiply.

Emerging players

• Better Capital: India-focused pre-seed/seed VC that co-led OneCare alongside Multiply Ventures. Direct co-investor behavior makes it a near-comparable on check size, stage, and sector mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments34 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Multiply Ventures