About Multiply Ventures
Multiply Ventures is a venture capital firm founded in 2019. It is primarily based out of Bengaluru, India. As of Sep 2026, Multiply Ventures has invested in 60 companies. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from Retail to Consumer and Enterprise Applications. Most recently it participated in the $***** Series A round of Fundly Overall, Multiply Ventures portfolio has seen 3 unicorns, 2 IPOs and 11 acquisitions including key companies like Cult.fit, BlueStone and Sage. A lot of funds co-invest with Multiply Ventures, with names like Better Capital sharing a substantial percentage of its portfolio. Multiply Ventures has team of 8 people including 3 partners.Key Metrics
Team Members
Portfolio Locations
Rounds of Entry
Seed, Series A & 1 more
Portfolio Acquisitions
Portfolio Soonicorns
Multiply Ventures' List of Top Investments
Multiply Ventures has a portfolio of 60 companies, including 3 unicorns. Their most notable investments are in Riyaz and Thesuperfoodsvillage.com.Their portfolio spans across India, United States and United Kingdom. They have invested in Retail, Consumer, Enterprise Applications and 19 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Multiply Ventures:
1. Cult.fit
Provider of fitness memberships encompassing group classes, gyms, and at-home workouts. It offers various membership tiers providing access to different combinations of in-person and virtual fitness options. These options include group fitness classes led by trainers, access to gyms with varying levels of equipment and amenities, and live at-home workout sessions. Memberships also incorporate access to sports activities such as badminton and swimming. The company also provides coaching programs focused on weight loss and wellness resources. The offerings aim to create a holistic fitness experience.
Key facts about Cult.fit
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $714M
- Employee Count: 1,832 as on Apr 30, 2025
- Investors: Chiratae Ventures, Temasek and 100 Others
- Latest Funding Round: Series G, Mar 17, 2026, $*****
- Highlight: Editors' Pick
2. BlueStone
Retailer of gold diamond platinum and gemstone jewellery and coins. This business provides various accessories including rings earrings pendants bangles bracelets necklaces and chains. It offers products crafted from precious metals and stones for men women and children. The inventory includes items for daily wear and special occasions. Customers can purchase gold coins in different weights and purities. The business maintains an online store and physical retail outlets to facilitate product sales. It provides services related to the exchange and buyback of jewellery items.
Key facts about BlueStone
- Founded Year: 2011
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $255M
- Employee Count: 1,943 as on Mar 31, 2025
- Investors: Dragoneer Investment Group, Steadview and 64 Others
- Latest Funding Round: Conventional Debt, May 14, 2025, $*****
- Highlight: Public
3. Jupiter
Online platform offering a suite of financial services. It offers a range of services, including banking, credit cards, lending, and investments. It allows users to manage all aspects of their money in one place.
Key facts about Jupiter
- Founded Year: 2019
- Location: Mumbai (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $201M
- Employee Count: 377 as on Aug 31, 2025
- Investors: QED Investors, Trifecta Capital and 80 Others
- Latest Funding Round: Series C, Oct 30, 2025, $*****
- Highlight: Editors' Pick
4. CheQ
Provider of a credit management platform for tracking and repaying credit card bills. The platform enables users to manage multiple credit cards in one place, monitor credit scores, and access personalized credit and loan offers. It facilitates bill payments and provides rewards for transactions made through the service.
Key facts about CheQ
- Founded Year: 2022
- Location: Bengaluru (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $17.5M
- Employee Count: 101 as on May 01, 2026
- Investors: Sherpalo Ventures, 3one4 Capital and 35 Others
- Latest Funding Round: Seed, Jun 18, 2024, $*****
- Highlight: Editors' Pick
5. Sage
Provider of cloud-based enterprise software solutions for accounting, finance, and people management. It leverages AI and machine learning to support accounting, people, payroll, and financial management needs. Its products integrate features like invoice, inventory management, reporting, and compliance tools.
Key facts about Sage
- Founded Year: 1981
- Location: Newcastle Upon Tyne (United Kingdom)
- Annual Revenue: £0 - £1M as on Dec 31, 2019
- Stage: Public
- Employee Count: 11,074 as on Dec 31, 2025
- Investors: Sumitomo, Stonebridge and 48 Others
- Latest Funding Round: Post IPO, Dec 16, 2019, $*****
- Highlight: Public
Multiply Ventures' Year-on-Year Investment Trends
Multiply Ventures has invested in 60 companies over the last 8 years, with an average of 5 new investments annually in the last 5 years. In 2025, it made 4 investments, while as of Sep 2026, it has made 3 investments in this year. Its most recent first time investment was in Eternz and most recent follow-on round was in Fundly.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 3 | 3 |
2025 | 3 | 1 | 4 |
2024 | 4 | 5 | 9 |
2023 | 4 | 5 | 9 |
2022 | 10 | 7 | 17 |
2021 | 11 | 1 | 12 |
2020 | 1 | 0 | 1 |
2019 | 0 | 0 | 0 |
2018 | 1 | 0 | 1 |
Multiply Ventures' Investments by Stage
Multiply Ventures has made 32 investments in Seed stage with an average round size of $2.4M, 1 investment in Series A stage with an average round size of $410K and 1 investment in Series B stage with an average round size of $8.72M.Stage of entry | No. of Investments |
|---|---|
Seed | 32 |
Series A | 1 |
Series B | 1 |
Note: We have considered here, only first round of investments
Multiply Ventures' Investments by Sector
Multiply Ventures has a diverse portfolio, with companies operating in the Consumer, FinTech, Retail, Enterprise Applications and Consumer Goods. Notably, it has invested in 57 Tech companies, 45 Consumer (B2C) companies, 25 Software companies and at least 21 companies focusing on Enterprise (B2B).Sector | No. of Investments |
|---|---|
Consumer | 16 |
FinTech | 10 |
Retail | 9 |
Enterprise Applications | 8 |
Consumer Goods | 7 |
Others | 36 |
Note: We have considered here, only first round of investments
Multiply Ventures' Investments by Geography
Multiply Ventures has made most investments in India (32), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 32 |
United States | 1 |
Note: We have considered here, only first round of investments
Multiply Ventures' recent investments
Multiply Ventures has made 3 investments in 2026 so far. Fundly and Lissun are the latest among them.Here are the most recent investments by Multiply Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 08, 2026 | India | Series A | 3517 | [+1] | |
Aug 18, 2026 | India | Series A | 8474 | [+7] | |
Feb 23, 2026 | India | Series A | 4918 | ||
Jun 21, 2025 | India | Seed | 2938 | [+10] | |
Apr 22, 2025 | India | Seed | 7303 | [+3] |
Unicorns in Multiply Ventures' Portfolio
Multiply Ventures has 3 unicorns in its portfolio - Open, DealShare and Cult.fit. The most recent unicorn in their portfolio is Open. It became a unicorn in 2022, 4 years before Multiply Ventures first invested in it.Here is a list of unicorns in Multiply Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
55 | Provider of a platform for business payments and connected banking | 2017 | Bengaluru | Series D | efawvck | ||
64 | Retailer of groceries and household essentials | 2018 | Bengaluru | Series E | xwaca{l | ||
85 | Provider of fitness memberships encompassing group classes, gyms, and at-home workouts | 2016 | Bengaluru | Series G | pqstrzk |
IPOs and Publicly Listed companies in Multiply Ventures' Portfolio
2 of Multiply Ventures' portfolio companies have become public. BlueStone got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Aug 2025 at marketcap of $897M and Sage got listed on the London Stock Exchange (LSE).Here are Multiply Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 19, 2025 | - | - | 8352 | |
Jun 10, 2013 | - | - | 6082 |
Acquired companies in Multiply Ventures' Portfolio
11 companies from Multiply Ventures' portfolio have been acquired. The most recent acquisition was Gramophone in Jan 2026 by Unnati for $*****.Here are Multiply Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 04, 2026 | - | - | 3826 | |
Jul 24, 2025 | 2021 | Seed | 6315 | |
Jul 18, 2025 | - | - | 2738 | |
Feb 25, 2025 | Mar 29, 2022 | Seed | 7284 | |
Jul 24, 2024 | Nov 02, 2021 | Seed | 6621 |
Team profile of Multiply Ventures
Multiply Ventures has a team of 8 members including 3 Partners and 1 Venture Partner located in India and United States. Multiply Ventures' team sits on the board of 2 companies.Here is a list of all team members in Multiply Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Bengaluru | |||
Partner | Bengaluru | Rapawalk and Nutty Yogi | ||
Partner | Bengaluru | - | ||
Venture Partner | United States | - |
Co-investors of Multiply Ventures
Over the past 8 years, 649 investors have co-invested in Multiply Ventures's portfolio companies. This includes funds and angels.
- Invested before Multiply Ventures: Angel List, LVX and 231 others have invested in rounds before Multiply Ventures. There are 3 companies where Angel List has invested before Multiply Ventures and 3 companies where LVX has invested before Multiply Ventures.
- Top Co-investors of Multiply Ventures: 315 investors entered a company along with Multiply Ventures. These include investors like Better Capital (7 companies).
- Invested after Multiply Ventures: A total of 101 investors have invested in Multiply Ventures's portfolio after their investments. Top Investors include Angel List (4 companies), Trifecta Capital (3 companies) and Leposhe Trading Enterprises (3 companies).
Recent News related to Multiply Ventures
•
Fundly.ai Raises $4M Pre-Series A to Scale AI-Native B2B Pharmaceutical Distribution NetworkThe SaaS News•Sep 09, 2026•Multiply Ventures, Accel, Fundly, Alteria Capital
•
Lissun Raises INR 48 Cr in Series A Funding Led by Colossa VenturesEnablers•Aug 18, 2026•Colossa Ventures, RPSG Capital Ventures, Lissun, Rainmatter and 2 others
•
MyDesignation Raises 40 Cr in Series A RoundEntrackr•Feb 23, 2026•RPSG Capital Ventures, MyDesignation, Veltis Capital, Dominor and 1 other
•
CheQ: Easy repayments, real rewardsYourStory•Oct 16, 2025•Multiply Ventures, CHEQ, 3one4 Capital, Ventura Highway
•
Eternz, a jewelry vertical marketplace, raises funding from Multiply Venture PartnersIndian Startup News•Oct 09, 2025•Multiply Ventures, Eternz, Timex Group
•
Mydesignation raises Rs 10.7 crore in funding round led by Multiply VenturesFashion Network•Apr 29, 2025•MyDesignation, Multiply Ventures, Veltis Capital, Sattva Ventures and 2 others
•
MyDesignation, a D2C Fashion Brand, Secures $1.25M in Seed FundingIndian Startup Times•Apr 23, 2025•MyDesignation, Multiply Ventures, Veltis Capital, Sattva Ventures and 2 others
•
Good Monk has raised USD 2 Million in a Pre-Series A funding round led by RPSG Capital Ventures
Enablers•Apr 17, 2025•RPSG Capital Ventures, Sharrp Ventures, ThinKuvate, Good Monk and 1 other
•
Family office joins CaratLane co-founder's VC firm, Multiply Ventures for new dealVCCircle•Apr 02, 2025•Multiply Ventures, Veltis Capital
•
Lightspeed leads $3.2m round for Indian fashion quick commerceTech in Asia•Mar 18, 2025•Slikk, Lightspeed, Multiply Ventures
