Multiply Ventures Announces Its Maiden Fund Of INR 260 Cr The fund focuses on early-stage deals across four core sectors: fintech, edtech, retail, and health
By Soumya Duggal •
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Multiply Ventures, an early-stage VC fund started by former Myntra, Flipkart, and Paytm Executives Raveen Sastry, Sanjay Ramakrishnan and Bhushan Patil, has closed its maiden fund.
A thesis-driven, domestic fund that specializes in investments in consumer tech, it has raised INR 260 crore for its maiden fund, a little above the targeted INR 250 crore, said a statement. It added, the fund focuses on early-stage deals across four core sectors: fintech, edtech, retail, and health.
"We are thesis-driven in our investment and the broad thesis is that India will see the emergence of trusted brands that will improve access to quality education, transparent financial services, affordable healthcare and authentic retail experiences. Technology will be a unifying catalyst across all sectors. We have a sub-thesis for each of the four sectors. The thesis is our governing framework and keeps evolving," Sanjay Ramakrishnan, partner, Multiply.
The fund's vision is to be one of India's most impactful early-stage VC funds over the next five years, said the statement, adding, if a majority of the good founding teams in the country have Multiply in their consideration set when they raise their seed round, it will be a good start for the fund.
"My experience of building Myntra, Hoopos & Nudgespot as a founder, Bhushan's experience at Paytm, Alibaba, and Yahoo in product, cross-border commerce & fintech, and Sanjay's experience in consumer marketing across Google, Myntra, Flipkart & Ogilvy is what we bring to the table beyond capital and loads of empathy," said Raveen Sastry, partner, Multiply Ventures.
Multiply Ventures is a SEBI-registered AIF in India, operating from Bangalore, the startup hub of the country. The fund claims its core tenant is to invest very early and be the first institutional cheque and in the majority of them be the lead investor. Pre-seed/Seed is the focus and the fund plans to invest till Series A in companies that are growing efficiently.
