Sorin Investments’ maiden fund raises over Rs 1000 crore

economictimes.indiatimes.com:

Sorin Investments, a technology-focussed fund, co-founded by former KKR India head and private equity veteran Sanjay Nayar and Angad Banga, has raised a corpus of over Rs 1,000 crore for the second close of its maiden fund. It had raised around $100 million (approximately Rs 800 crore) in its first close last year. The tech-focused investment firm’s fundraise comes at a time when the Indian tech startup ecosystem is facing a funding crunch that has seen several investors slash down the valuations of several major Indian tech companies. Investors in the fund include Henry Kravis, George Roberts and other partners of the American global investment firm KKR & Co as well as Hero Enterprise chairperson Sunil Kant Munjal and a few other global and Indian family offices. Nayar and Banga were formerly associated with KKR. Nayar founded Sorin after a four-decade career spanning banking and private equity. Nayar and Banga have also invested a significant amount of their personal capital in the fund as sponsor commitments, they said in an earlier interview without disclosing the sum. The fund focuses on early-stage technology startups across various 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 million in target companies.

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“Sorin represents long term, high-quality private capital and provides investee