Early-stage venture capital firm Multiply Ventures raises Rs 260 crore
- ByStartupStory | June 15, 2022
Multiply Ventures, an early-stage venture capital firm, has raised Rs 260 crore towards the final close of its first fund. The fund’s majority of investors are Indian family offices and digital-first businesses. According to the statement, around 95% of the investors are from India.
Multiply Ventures has invested in 15 startups so far and plans to invest in 8-10 more in the next 12 months, according to the VC firm.
Bhushan Patil, Partner at Multiply, said, “We are on our way to putting up an operational VC company, joining hands with startups as extended partners, which is vital for the Indian ecosystem.” Over the next five years, the fund aspires to be one of India’s most influential early-stage venture capital firms.
The fund will invest in consumer technology with a focus on early-stage deals in four major sectors: fintech, edtech, retail, and health, according to the announcement. Multiply Ventures will invest early, ideally as the first institutional investor, and will typically lead the round.
The fundraising comes at a time when global liquidity is drying up, and domestic institutional and high-net-worth investors are increasingly stepping up to compete with their international counterparts.
“Our average first cheque is around Rs 4 crore, and we will invest up to Rs 20 crore in efficiently run businesses until Series A” according to Sastry, a partner at Multiply Ventures.
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