Renuka Ramnath-led private equity (PE) firm Multiples Alternate Asset Management Pvt. Ltd has acquired a minority stake in non-banking financial company (NBFC), APAC Financial Services, said a top Multiples executive. Headed by former India chief of Deutsche Bank, Gunit Chadha, APAC has also received additional fund infusion from its founder and leadership team.
While both firms did not disclose the financial details of the transaction, two people aware of the development said, requesting anonymity, that Multiples has invested ₹250 crore in the NBFC, which began operations recently. “Another ₹150 crore has been infused into APAC by the founder and leadership team,” the first person said. He added that post the fund-raise, Multiples holds a 37% in stake in the firm. Mint had first reported on 24 May, 2018, that APAC was in talks with Multiples to raise around ₹300 crore.