Renuka Ramnath

Renuka Ramanth
Born (1962-09-14) 14 September 1962[1]
Alma materVeermata Jijabai Technological Institute, University of Mumbai
OccupationsFounder and CEO of Multiples Asset Management Pvt. Ltd.
ChildrenTwo[2]

Renuka Ramnath (born 14 September 1962) is an Indian private equity fund manager, and the founder and CEO of Multiples Asset Management Ltd.[3] Renuka recently retired from the Board for Tata Communications after serving as its Chairperson.[4] She is currently a director on the boards of Network18, PVR INOX, Multiples and several other portfolio companies.[5] [6] [7]She was the chairperson of the Indian Private Equity and Venture Capital Association.[8][9][10]

Career

Ramnath founded Multiples Asset Management in 2009, with a focus on mid size companies and investments between $15 million and $50 million. The firm's partners include the Canada Pension Plan Investment Board which invested $100 million in 2010.[11] Multiples has invested in companies such as Acko, Delhivery, Licious, Encube Ethicals, IEX, PVR INOX, Kogta Financials, MoEngage, Quantiphi, Vastu Housing Finance, and Zenex.[12]

Prior to founding Multiple Asset Management Ltd., Ramnath was the MD and CEO of ICICI Ventures, the venture capital arm of the ICICI Group, through the period that saw the firm become one of the largest private equity funds in India. She is credited with helping grow Multiples to a $3 billion PE fund.[13][11]

She has also served within the ICICI Group across investment banking, e-commerce, and private equity. In this time she is also credited with raising, managing and divesting the $250 million India Advantage fund, generating a more than triple return on capital.Majumdar, Shyamal (October 19, 2010). "Lunch with BS: Renuka Ramnath" – via Business Standard. In April 2020, Ramnath was appointed chairperson of the Indian Private Equity and Venture Capital Association."IVCA appoints Renuka Ramnath as chairperson". Business Standard. 15 April 2020. Retrieved 30 April 2026.

Some of Ramnath's venture investments include investments in Air Deccan, Tata Infomedia, and VA TechWabag.[11]

Ramnath and ICICI Ventures were also the targets of a legal action from Azim Premji's investment company Premji Invest when one of the portfolio companies Subhiksha, a leading discount retailer, ran out of cash and closed over 1,600 stores nationwide. The notice alleged that Ramnath and ICICI Ventures had not revealed the extent of Subhiksha's problems before the sale to Premji Invests.[14][11]

Ramnath has been featured in listings such as the Top 25 Most Powerful Women in Business (Business Today, India);[15] India's most Powerful CEO's (Economic Times),[16] the Top 25 Non Bank Women in Finance (US Banker's global list),[17] Asia's Women in the Mix: The Year's Top 50 for Achievement in Business (Forbes),[18] and the Top 25 women in Asian asset management (Asian Investor).[19]

References

  1. ↑ "Tata Communications Annual Report 2014-15" (PDF). Tata Communications. Retrieved 7 July 2020.
  2. ↑ "Renuka Ramnath on the art of value creation". Lifestyle.livemint.com. 25 November 2022. Retrieved 12 November 2024.
  3. ↑ "Renuka Ramnath, Multiples Alternative Asset Management Pvt Ltd: Profile and Biography". Bloomberg.com. Retrieved 2020-10-10.
  4. ↑ "Tata completion of tenure correspondence relating to Renuka Ramnath" (PDF). Tatacommunications.com. Retrieved 2026-07-13.
  5. ↑
  6. ↑ "NETWORK18 | HOME". Nw18.com. Retrieved July 13, 2026.
  7. ↑ "Multiples - Firm". Multiplesequity.com. Retrieved July 13, 2026.
  8. ↑ "ARVIND | Fashioning Possibilities". Arvind Ltd. June 28, 2017. Archived from the original on August 25, 2019. Retrieved January 5, 2020.
  9. ↑ "Renuka Ramnath appointed as the new chairperson of IVCA". April 15, 2020 – via The Economic Times.
  10. ↑ "Renuka Ramnath elected as the Chairperson of the Tata Communications Board". Tata Communications. 2020-07-01. Retrieved 2020-07-07.
  11. 1 2 3 4 "Asia's Women In the Mix: Renuka Ramnath's Lucrative Intuition". Forbes.com.
  12. ↑ "Not all startups are built the same. Which category defines yours?". May 21, 2026. Retrieved July 13, 2026 – via The Economic Times - The Times of India.
  13. ↑ "Renuka Ramnath on worshipping entrepreneurship, fuelling dreams and tackling gender bias - CNBC TV18". Cnbctv18.com. Jul 28, 2025. Retrieved July 13, 2026.
  14. ↑ Sriram, R. (August 25, 2011). "Why Subhiksha Trading Services collapsed" – via The Economic Times.
  15. ↑ "Business Today's 10 listing of Most Powerful Women in Indian Business - Business Today". Businesstoday.intoday.in. Retrieved 30 October 2014.
  16. ↑ "India's top businesswomen". The Economic Times. Retrieved 30 October 2014.
  17. ↑ Rebecca Sausner (1 October 2008). "#14 Renuka Ramnath". American Banker Magazine. Retrieved 30 October 2014.
  18. ↑ Forbes Asia (27 February 2013). "Asia's Women In The Mix, 2013: The Year's Top 50 for Achievement In Business". Forbes.com. Retrieved 30 October 2014.
  19. ↑ "2nd Annual Japan Institutional Investment Forum - Asset Owners - News - AsianInvestor - Inside Asia-Pacific's asset management industry". Asianinvestor.net. Retrieved 30 October 2014.In September 2025, Ramnath was appointed Chairperson of VIP Industries."VIP Industries appoints Atul Jain as MD, Renuka Ramnath as Chairperson". Marca Money. October 1, 2025.In February 2025, Multiples acquired a controlling stake in QBurst for $200 million, marking its largest tech investment."W-Power 2025: Renuka Ramnath". Forbes India. April 21, 2025.Ramnath retired from the Board of Tata Communications in December 2024 upon completion of her tenure."Completion of tenure of Ms. Renuka Ramnath". Tata Communications. December 2024.
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