Former KKR India CEO founded Sorin Investments marks final close of its maiden fund at Rs 1,350 crore: Report

Sorin Investments, an early-stage venture firm founded by Sanjay Nayar, the former CEO of KKR India, has reportedly closed its maiden fund at Rs 1,350 crore.

According to an ET report, the fund's key sponsors include notable figures and entities such as KKR co-founder Henry Kravis, the Munjal family of Hero Group, and the Banga family of The Caravel Group.

Additional participants in the fundraise include the SIDBI-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund established by the Uttar Pradesh state government.

Backing from SBICAP Ventures' (SRI) fund

The fundraising process saw significant backing from SBICAP Ventures' Self-Reliant India (SRI) fund, a wholly-owned subsidiary of the State Bank of India.

Sorin Investments initially made the first close of the fund in 2022 at Rs 800 crore, followed by a second close at Rs 1,000 crore last year. Sorin brought in key partners during this period, including Subeer Monga, formerly of ICICI Venture, and Mandar Dandekar from Kalaari Capital.

Investing in Series A rounds

Sorin Investments aims to invest in startups seeking Series A funding. The firm’s broader strategy is to offer more than just financial support; it intends to add value through active participation in key decision-making processes of its portfolio companies. 

It is targeting various sectors such as fintech, climate tech, B2B tech, retail, consumer brands, healthtech, and software-as-a-service (SaaS).

Sorin Investments' leadership

The report said that while Sanjay Nayar is the co-founder and chairman of Sorin Investments, the firm's day-to-day operations are managed by its partners, including Subeer Monga and Mandar Dandekar. Angad Banga from The Caravel Group serves as a general partner.

Portfolio companies

The report also said that Sorin Investments has already invested in five companies, including debt resolution firm Freed, omnichannel enablement platform Litestore, tech-enabled climate startup Uniqus, B2B tech startup Venwiz, and Noida-based Shivalik Small Finance Bank. 

Sorin finalised a Rs 38.41 crore investment in Shivalik Small Finance Bank, with Lightspeed contributing an equal amount and Accel and Quona Capital each investing Rs 9.59 crore. Additionally, the firm is looking to invest in direct-to-consumer apparel brand The Pant Project.