Multiply Ventures: Myntra, Flipkart and Paytm alumni backing India's next consumer brands

Multiply Ventures is the rare Indian fund whose partners have actually run the businesses they're now funding. This Bengaluru-based, early-stage VC is run by Raveen Sastry (co-founder of Myntra), Sanjay Ramakrishnan (consumer marketing leader at Flipkart) and Bhushan Patil (product and cross-border commerce veteran of Paytm). Before the fund, the trio built a 30-company angel portfolio together; the fund was SEBI-approved in 2020 and its maiden fund reached final close in June 2022. The fund inception year on the firm's own site: 2020.

Investment thesis

“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.” On that belief the fund positions itself as an “operational VC” — joining as extended partners beyond capital, in Bhushan Patil's words.

Sectors & stages

Current focus: Consumer (new cohorts, Gen-Z and the silver economy, premiumisation, India-2 expansion), Consumer Tech (AI-driven personalisation, marketplaces, social commerce) and Fintech (verticalised and embedded financial services, DPI leverage, credit management). Stage: pre-seed and seed — aiming to be the first institutional investor and in most cases to lead the round — investing up to Series A in companies growing efficiently. The firm lists 22 portfolio companies on its site.

Fund size & cheque sizes

The maiden Fund I closed at ₹260 Crore in June 2022, beating its ₹250 Crore target. It is registered as SEBI Category I & II AIFs, with a majority of LPs being Indian family offices and digital-first entrepreneurs — roughly 95% of investors are from India. Average first cheque: ~₹4 Crore, with up to ₹20 Crore into an efficiently run business through Series A (figures stated at the 2022 close; a second fund has not been publicly announced).

Notable portfolio

Current site highlights: Fundly (pharma supply-chain financing), Cheq (credit-bill management), Freed (debt-relief solutions), Two Point O Capital (green fintech), MyDesignation (expressive fashion), Slikk (last-minute fashion delivery), Good Monk (nutrition) and Lissun. Earlier bets include Nova Benefits, Upswing, Bharat X, Nutty Yogi, Jovian and Clever Harvey; the pre-fund angel portfolio held Open Financial, DealShare, Gramophone, ShopKirana and Skill Lync.

Partners & team

Raveen Sastry (Partner; Myntra, Hoopos, Nudgespot founder), Sanjay Ramakrishnan (Partner; consumer marketing across Google, Myntra, Flipkart and Ogilvy) and Bhushan Patil (Partner; Paytm, Alibaba and Yahoo across product, fintech and cross-border commerce).

Programmes run

Not publicly disclosed — no accelerator, incubator or cohort programme found in the sources read.

Credits & perks

Not publicly disclosed.

How to engage

No public pitch process, intake email or application form was disclosed in the sources read. The firm's official site, multiplyventures.com, is the contact route.