“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.