A trio of e-commerce executives, having worked with huge revenue creating startups such as Alibaba, Paytm, Flipkart and Myntra, are now, planning to launch Multiply Ventures, an early-to-growth stage fund of $50 million (more than Rs 300 crore).
Multiply Ventures, founded by Raveen Sastry, Sanjay Ramakrishnan and Bhushan Patil, all three being former executives in the e-commerce industry, are willing to infuse money into promising businesses across the country.
Sastry is Myntra’s co-founder, while Ramakrishnan had worked in Flipkart and Myntra. And Patil has had stints at Alibaba and Paytm.
“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,” founders of Multiply Ventures, in a joint statement, told yourstory.com
The Indian market, which offers a great opportunity in terms of size, is also one of the most diverse/heterogeneous and complex markets to scale.
Multiply Ventures brings capital, people and ecosystem on to a single platform to significantly increase the odds of a startup succeeding, according to the company’s joint statement.
The early-stage venture capital firm has received $10 million in commitments so far.
Besides that, Paytm founder Vijay Shekhar Sharma, Myntra co-founder Mukesh Bansal, Zeta Interactive CEO David A Steinberg and Alibaba executives have backed it as part of these initial commitments.