Multiples Alternate Asset Management just dropped a $100 million cheque for Brahma AI. That’s not a small bet for a firm that manages close to $4 billion. Renuka Ramnath, the founder and MD, didn’t mince words when speaking to CNBC-TV18. She called the AI company “head and shoulders above” its rivals. The deal is structured, meaning no fixed equity stake is locked in yet. Multiples has already maxed out its participation in this specific round.
Why the confidence? Brahma AI isn’t just another chatbot play. It’s deep in entertainment, sports, and healthcare. Think AI dubbing, digital twinning, and de-aging techniques. Ramnath noted the firm has been backing tech-led models since day one, pointing to Delhivery, Licious, and Acko as precedents. But this is different. Brahma AI was carved out of listed entity Prime Focus. Multiples helped build the independent business structure around the AI operations. It’s a structural investment, not just a financial one.
The fund’s capacity is substantial. Including its continuation vehicle, Multiples sits near the $4 billion mark. Ramnath stressed the portfolio is balanced across sectors and stages. She’s cautious about risk, avoiding concentration in any single vertical. Industrials remain a key focus, alongside the massive wave of ownership transitions in India. Family businesses are handing over control to financial sponsors, and Multiples is positioned to catch those deals. However, listed company acquisitions are off the table for now. The firm is selective above the $200-250 million threshold.
On the existing portfolio, VIP Industries needs patience. Ramnath admitted the turnaround will take time due to macro headwinds and input costs. But the strategy is clear: premiumization and expansion into tier-four and tier-five cities. A new management team is in place. The firm remains confident in VIP’s potential to shift from unorganized to organized market dominance. The focus now is on value delivery for shareholders through brand strength and geographic reach.
For investors, the signal is clear. Multiples is deploying capital aggressively in high-growth tech and industrial turnarounds. The $100 million Brahma AI stake signals a bet on AI’s monetization in content creation. As the fund nears its $4 billion size, the dry powder is still there. But the picks are getting sharper. Watch for more deals in the ownership transition space. The listed market remains untouched for Multiples, at least for the time being.