Sorin Investments, a startup fund spearheaded by former KKR India head Sanjay Nayar, has successfully completed the final close of its maiden fund, amassing INR 1,350 Cr. This significant milestone reflects the fund’s robust backing and promising investment strategy.
Key Backers and Participants
According to a report by ET, the fund attracted investments from notable figures and entities, including KKR cofounder Henry Kravis, the Munjal family of Hero Group, and the Banga family from The Caravel Group. Additional support came from the SIDBI-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund initiated by the Uttar Pradesh state government.
Investment Strategy and Objectives
Sorin Investments is set to channel its funds into startups seeking Series A financing, aiming to play an active role in the decision-making processes of its portfolio companies. The firm’s strategy extends beyond mere financial support; it intends to add strategic value to the companies it invests in, fostering growth and innovation within its portfolio.
Recent Investments and Future Plans
Among its recent investments, Sorin has committed INR 38.41 Cr to Shivalik Small Finance Bank, with Lightspeed contributing an equal amount, and Accel and Quona Capital each investing INR 9.59 Cr. Additionally, Sorin is eyeing an investment in the direct-to-consumer apparel brand, The Pant Project.
Fundraising History
In 2022, Sorin Investments raised $100 Mn (INR 798 Cr) from various family offices during its debut fund’s initial close. Prominent investors included Henry Kravis, Sunil Kant Munjal, chairman of Hero Enterprises, and several other Indian and international family offices. The tech-focused fund further expanded its capital pool by raising over INR 1,000 Cr in August 2023, securing contributions from US-based KKR & Co associates, including Henry Kravis and George Roberts, alongside Sunil Kant Munjal and Indian family offices.
Focus Areas
Sorin Investments targets early-stage technology startups across diverse sectors such as fintech, edtech, software as a service (SaaS), logistics, clean technologies, and direct-to-consumer products and brands. The fund aims to invest between $2-10 Mn in its chosen startups, nurturing them through critical growth phases.
Sorin Investments’ successful final close of its maiden fund underscores the confidence and support from high-profile backers and institutional participants. With a strategic focus on adding value beyond financial investments, Sorin is well-positioned to make a substantial impact on the Indian startup ecosystem, particularly in the technology sector.
