India's Multiples loses CFO Prakash Nene
Prakash Nene, the managing director and CFO of Indian PE firm Multiples Alternate Asset Management, has resigned from the firm citing personal reasons.
Nene's replacement has not been announced, and he has not disclosed his future plans. His Linkedin page gives his current position as a freelance consultant. Speaking to Livemint, Multiples founder and CEO Renuka Ramnath (pictured) said that Nene had planned to retire in a year.
Nene joined Multiples in 2010, shortly after the firm's founding. Prior to Multiples, he worked at Indian conglomerate Bharti Enterprise for three years, moving from corporate director finance to group director; before that, he was director of operations at ICICI Venture while Ramnath was then serving as CEO.
Multiples is currently investing its second fund, which closed in 2016 at $690 million, and is reportedly preparing to launch its third vehicle. The firm follows a sector-agnostic investment strategy, making growth capital commitments to mid-tier Indian companies with a view to helping them scale into national or regional leaders.
Recent deals include the purchase of Indian human resource services and technology company PeopleStrong last year for an undisclosed amount. The firm also made a partial exit from online energy trading platform India Energy Exchange in the company's IPO last year, selling 2.7 million shares at INR1,650 each.
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