Ex-employees of e-commerce executives Raveen Sastry, Sanjay Ramakrishnan, and Bhushan Patil, who worked in significant organizations of Alibaba, Paytm, Flipkart, and Myntra have collaborated to launch a startup “Multiply Ventures”, an early-to-growth stage investing of $50 million.
The fund plans to invest in domestic consumption story has earned $10 million in commitments. The venture funding initial backers include Vijay Shekhar Sharma- Paytm founder, Mukesh Bansal- Myntra Co-founder, David A Steinberg- CEO, Zeta Interactive, and a few executives from Alibaba.
Raveen Sastry had a stint as Myntra’s co-founder, Ramakrishnan worked in Flipkart and Myntra, whereas Bhushan Patil has an experience working at Alibaba and Paytm.
The co-founders in a joint statement,
“We have had the unique experience of being part of the startup ecosystem, building some extremely valuable Indian digital consumer brands like Paytm, Myntra, and Flipkart. Based on our experience of building companies, raising money from venture capitalists, and as angel investors, we believe that investing in India needs an approach that works for India.”
Multiply Ventures provides capital, people, and ecosystem on a single platform to enhance the startup’s growth. The fund focuses on three sectors- Fintech, Edtech, and New Retail. The new venture is more likely to invest in Pre-Series A to Series A rounds.
According to the latest filing, the US Securities and Exchange Commission (US SEC), India and Nexus Venture Partners have invested $500,000 to $10 million in an early growth stage companies recently and made another $353.5 million for its fifth VC fund. Another early-stage investment fund, Endiya Partners also has its first close of the second fund at $40 million.
