Sorin Investments, a tech-focused investment firm co-founded by private equity veteran Sanjay Nayar and Angad Banga of Hong Kong-based Caravel group, has made the final close of its maiden fund with a corpus of Rs 1,350 crore ($162 million).
Sorin said in a LinkedIn post that the fund secured commitments from a set of limited partners (LPs) primarily comprising family offices and institutions, with 90% of the capital sourced from India. Both Nayar and Banga have also made sponsor commitments.
Notable LPs include the Nayar family office, Banga family office, Munjal family office, KKR co-founder Henry Kravis’ family office and senior partners from KKR. State-run SIDBI, Self-Reliance India Fund (SRI Fund), and the UP Startup Fund pitched in, too.
Sorin primarily makes Series A and B investments across various sectors in tech and tech-enabled businesses. To date, it has invested in five companies: tech-enabled global platform that offers ESG and accounting and reporting consulting Uniqus Consultech, SaaS-enabled marketplace Venwiz, retail-as-a-service platform LiteStore, debt resolution platform FREED, and Shivalik Small Finance Bank. It is in advanced stages of closing a few more deals.
“We remain very bullish on the Indian tech ecosystem driven by high quality entrepreneurs and increasing tech adoption by consumers and businesses,” said Sorin Invesments.
The firm invests in the range of $2-10 million per company and is looking to create a portfolio of about a dozen investments. Some of the fund’s key focus areas include fintech, consumer, SaaS, healthtech and proptech.
The fund had raised $100 million for its first close, which came in July 2022. Earlier this week, it onboarded Subeer Monga as a new partner. Monga was earlier associated with ICICI Venture, the alternative investment arm of ICICI Bank.