India-focused private equity firm Multiples Alternate Asset Management has led an investment of INR4 billion (approximately US$56 million) in APAC Financial Services, an India-based non-banking financial company. Multiples reportedly invested INR2.5 billion (US$35 million) for a 37 percent stake while the company’s management team, including founder Gunit Chadha, committed the remaining INR1.5 billion (US$21 million). APAC, which provides affordable housing and small and medium-sized business loans, began operations in June 2018. As part of the transaction, Multiples managing director Nithya Easwaran will join the board of APAC.