Former KKR India Head Sanjay Nayar’s Startup Fund Hits Final Close Of Maiden Vehicle

SUMMARY

Key backers of the fund include KKR cofounder Henry Kravis, the Munjal family from Hero Group, and the Banga family of Hong Kong-based The Caravel Group

The fundraise also saw participation from the SIDBI-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund established by the Uttar Pradesh state government

Sorin aims to invest in startups seeking Series A funding through this fund and plans to participate in key decision-making processes of its portfolio companies

Update|5:30 PM, May 29

Sorin Investments has confirmed in a statement that it has raised INR 1350 Cr, marking final close of the maiden fund.

The fund has made 5 investments till date in Uniqus Consultech, Venwiz, Litestore, Freed and Shivalik SFB with a few more nearing closure.

“We are grateful to the LPs who have shown faith in us and we at Sorin remain bullish on Indian tech ecosystem driven by high quality entrepreneurs and increasing tech adoption by consumers and businesses,” Sanjay Nayar, founder and chairman of Sorin Investments, said.

Original Copy

Sorin Investments, a startup fund led by former KKR India head Sanjay Nayar, has marked the final close of its maiden fund, raising INR 1,350 Cr.

As per ET’s report, key backers of the fund include KKR cofounder Henry Kravis, Munjal family from Hero Group, and Banga family of The Caravel Group.

The fundraise also saw participation from the SIDBI-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund floated by the Uttar Pradesh state government.

Sorin aims to invest in startups seeking Series A funding through this fund and plans to participate in key decision-making processes of its portfolio companies.

The broader idea is to not just make financial investments but also bring some value to the table with investee companies, the report said.

Sorin Investments has finalised an INR 38.41 Cr investment in Shivalik Small Finance Bank. This round will also include participation from Lightspeed, which is investing the same amount as Sorin, along with Accel and Quona Capital, each contributing INR 9.59 Cr.

The firm is also looking to invest in direct-to-consumer apparel brand The Pant Project.

Sorin Investments raised $100 Mn (INR 798 Cr) from multiple family offices for its debut fund in 2022. Its first close saw investments from Kravis, Sunil Kant Munjal, chairman, Hero Enterprises and a few more family offices from India and abroad.

Last year, the tech-focused fund raised over INR 1,000 Cr in August. It had raised capital from US-based KKR & Co associates, including Henry Kravis and George Roberts, as well as Sunil Kant Munjal and Indian family offices.

The fund focuses on early stage technology startups across industries like fintech, edtech, software as a service (SaaS), logistics, clean technologies and direct-to-consumer products and brands. It aims to invest between $2-10 Mn in target companies.