Sorin Investments, an early-stage venture firm founded by former KKR India CEO Sanjay Nayar, has announced the final close of its maiden fund at ₹1,350 crore. This milestone marks a significant achievement for the firm, which aims to invest in startups seeking Series A funding.
The fund has garnered substantial support from prominent backers, including KKR cofounder Henry Kravis, the Munjal family of Hero Group, and the Banga family of Hong Kong-based The Caravel Group. Additionally, the Sidbi-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund established by the Uttar Pradesh state government participated in the fundraising. SBICAP Ventures’ Self-Reliant India (SRI) fund, a wholly-owned subsidiary of the State Bank of India, also supported Sorin’s maiden fund.
Sorin Investments initially closed the fund at ₹800 crore in 2022, followed by a second close at ₹1,000 crore last year. The firm has strengthened its team by bringing on Subeer Monga a partner, who previously worked with ICICI Venture and Mayfield India, and hiring Mandar Dandekar from Kalaari Capital in 2021.
Nayar serves as the cofounder and chairman of Sorin, while Angad Banga of The Caravel Group holds the position of general partner. “While Nayar is the cofounder of the firm, the day-to-day operations are managed by Sorin’s partners, including Monga,” a source stated.
Sorin Investments aims to provide more than just financial backing to its portfolio companies by actively participating in key decision-making processes. “The broader idea is to not just make financial investments but also bring some value to the table with investee companies. Today startups are also choosing investors that can give them time and not just money,” an insider explained.
Sorin targets sectors such as fintech, climate, B2B tech, retail, consumer brands, healthtech, and software-as-a-service (SaaS). The firm has already made investments in five companies: debt resolution firm Freed, omnichannel enablement platform Litestore, tech-enabled climate startup Uniqus, B2B tech startup Venwiz, and Shivalik Small Finance Bank.
“Sorin has finalized a ₹38.41 crore investment in Shivalik Small Finance Bank, with additional participation from Lightspeed, Accel, and Quona Capital,” a source revealed.
Sorin is also exploring investments in direct-to-consumer apparel brand The Pant Project. Besides Sorin, Nayar has ventured into climate tech investments as a general partner at Peak Ventures, an early-stage firm based in Mumbai. This partnership is part of an umbrella entity representing Nayar’s family office, which also owns Sorin separately.
Through these strategic moves, Sorin Investments continues to strengthen its presence in the venture capital landscape, focusing on sectors poised for significant growth.
