SIDBI, NSIC subsidiary to back startup fund Sorin
ECONOMY & POLICY

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.

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.

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?