British International Investment

Plenty Private Equity Fund I (Multiples II)

IndiaSouth AsiaCommunications & IT servicesConsumer - HealthConsumer - other servicesFinancial servicesManufacturing

Multiples’ second fund, Plenty Private Equity Fund (Plenty), launched in 2015. It is focused on medium-sized Indian companies operating across a variety of sectors including consumer, financial services, healthcare, IT services, logistics and agriculture.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2015, CDC invested $30 million in Plenty, alongside the IFC and domestic and international investors. This follows on from CDC’s $30 million investment in Multiples I in 2010.

The fund closed at a total size of $555 million. The fund manager typically makes investments of between $50 million and $100 million.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Despite improving economic conditions in India there is still a shortage of investment for promising businesses in many sectors of the economy.

Our investment will help the fund manager to build a portfolio of domestic companies which will benefit from strengthening economic growth and consumer demand.

Plenty has completed over ten investments so far. These include investments in Gujarat-based textile manufacturer, Arvind; financial services provider Cholamandalam Investment and Finance; RBL Bank; pharma firm Encube Ethicals; human resources technology company PeopleStrong HR Services; and energy trader, the Indian Energy Exchange.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Consumer - Health, Consumer - other services, Financial services, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    April 2015
    Amount :
    Currency of investment :
    Fund Manager:
    Multiples Investment Advisers

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
APAC Financial Services Private Limited India South Asia Financial services December 2018 Active
Arvind Ltd India South Asia Manufacturing December 2016 Active
Dream 11 Inc India South Asia Consumer - other services January 2017 Exited
Encube Ethicals Private Limited India South Asia Consumer - Health September 2016 Exited
Natco Pharma Limited India South Asia Consumer - Health October 2017 Exited
PeopleStrong HR Services Pvt Ltd India South Asia Communications & IT services March 2017 Active
PVR Limited India South Asia Consumer - other services September 2015 Exited
Quantiphi India South Asia Communications & IT services December 2019 Active
RBL Bank Limited India South Asia Financial services August 2017 Active
Sanctum Wealth Management Private Limited India South Asia Financial services March 2018 Active
Vastu Housing Finance Corporation India South Asia Financial services September 2015 Active

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