Early-Stage VC Firm Sorin Investments Closes Maiden Fund at Rs 1,350 Crore

Sorin Investments, a venture capital firm launched by Sanjay Nayar, the former head of KKR India, has successfully secured Rs 1,350 crore for its inaugural fund. This achievement marks a significant milestone for the young firm.

Prominent Backers Fuel Fund Growth

The fundraising process attracted a prestigious group of investors. Key figures included Henry Kravis, co-founder of KKR, the Munjal family associated with Hero Group, and the Banga family, owners of The Caravel Group. Additionally, the fund received substantial support from the SIDBI-sponsored Fund of Funds for Startups (FFS) scheme and a startup fund established by the Uttar Pradesh government.

Further propelling the fund’s growth was a significant investment from SBICAP Ventures’ Self-Reliant India (SRI) fund, a subsidiary of the State Bank of India.

A Two-Phased Fundraising Journey

Sorin Investments’ fundraising journey unfolded in two stages. The firm secured an initial closing of Rs 800 crore in 2022, followed by a subsequent closing at Rs 1,000 crore in the following year. This period also saw the addition of key partners, including Subeer Monga, previously with ICICI Venture, and Mandar Dandekar from Kalaari Capital.

Investing in Early-Stage Innovation

Sorin Investments focuses on providing capital to startups at the Series A funding stage. Their philosophy extends beyond mere financial backing. The firm aims to create value by actively participating in critical decision-making processes of their portfolio companies.

Their investment strategy targets a diverse range of sectors with high growth potential, including fintech, climate technology, B2B technology, retail, consumer brands, healthtech, and software-as-a-service (SaaS).

Strong Leadership and Early Portfolio Building

While Sanjay Nayar serves as the co-founder and chairman of Sorin Investments, the day-to-day operations are managed by partners Subeer Monga and Mandar Dandekar. Notably, Angad Banga from The Caravel Group contributes as a general partner.

The firm has already begun building its portfolio, investing in five companies. These include Freed (debt resolution), Litestore (omnichannel enablement platform), Uniqus (climate tech), Venwiz (B2B tech), and Shivalik Small Finance Bank. Notably, their investment in Shivalik Small Finance Bank amounted to Rs 38.41 crore, with co-investment from Lightspeed, Accel, and Quona Capital. Looking ahead, Sorin Investments has expressed interest in supporting direct-to-consumer apparel brand The Pant Project.