Ex-KKR India head’s fund gets Sidbi, NSIC backing – Times of India

by The Technical Blogs


NEW DELHI: Small Industries Development Bank of India (Sidbi) and National Small Industries Corporation (NSIC) are set to back Sorin Investments, a tech-focused fund co-founded by former KKR India head Sanjay Nayar, said a source with direct knowledge about the development. The fresh investments pegged at a few hundred crores, once closed, will take the total corpus of the fund to about Rs 1,300 crore, ahead of its initial target of Rs 1,150 crore- Rs 1,200 crore, sources said.
“This will be the final close for the fund.Over time, Nayar plans to back Indian managers and teams to help build different thematic funds where India provides a large opportunity. The next fund will most likely be in the climate tech space,” sources said.
The investment of NSIC will be routed through Self Reliant India (SRI) Fund, owned by NSIC Venture Capital Fund (NVCFL), a subsidiary of NSIC, sources added.
As part of the fund’s first close, Sorin Investments had raised $100 million or over Rs 800 crore from a bunch of local and global family offices last year. The fund, which has already made two startup investments, has been backed by Henry Kravis, co-founder of KKR, Sunil Kant Munjal, chairman of Hero Enterprise, and others.


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