SIDBI, NSIC subsidiary to back startup fund Sorin
Small Industries Development Bank of India (Sidbi) and The National Small Industries Corporation (NSIC) will back Sorin Investments, the startup fund owned by Sanjay Nayar, the former head of private equity firm KKR India, in a major sign of confidence for the veteran banker and deal maker.
Both Sidbi and the Rs 10,000-crore Self Reliant India (SRI) Fund, owned by NSIC Venture Capital Fund (NVCFL), a 100% subsidiary of NSIC, will invest about Rs 300 crore into Sorin, said multiple people aware of the development. The fresh investments will help Sorin close its maiden fund at Rs 1,300 crore. SRI Fund, sponsored by NSIC, will employ a 'Fund-of-Funds' investment strategy wherein it will invest in Sebi-registered Category I and Category II alternative investment funds (daughter funds), which will, in turn, invest in MSMEs, according to the company's website.
When contacted, Nayar declined to comment while mails sent to Sidbi and NVCFL did not elicit any response till press time.
Sorin Investments had raised a corpus of over Rs 1,000 crore in August. Sorin has deployed about Rs 70 crore till date in two startups. It plans to invest an additional about Rs 70 crore in two more transactions by 2023, people said.
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