KKR executive Sanjay Nayar launches seed venture fund

Senior advisor for a private equity firm KKR in India, Sanjay Nayar, announced the first closing of its $125 million venture capital fund focused on early-stage technology investments in India. Investors in Sorin Investments, a fund founded by Sanjay, include the family offices of the Nayar and Banga family, owner of the Caravel group headquartered in Hong Kong.

In an interview with The economic periodSanjay Nayar said the fund would raise capital from nearly seven family offices and had received the necessary regulatory approvals to start operations.

The fund will issue checks ranging from $2-10 million in 10-15 companies, participating in Series A and B. The fund will focus on fintech, healthtech, direct-to-consumer brands, e-commerce, business-to-business tech companies, and software-as- a-Service.

The fund also named Anshul Bansal, former vice president of Fireside Ventures and Harshita Kochar, former partner of DAM Capital Advisors as founding members.

The announcement comes at a time when a growing number of venture capitalists have sent notices to portfolio companies asking them to hold on to cash. Growth cycles will be hard to come by, industry watchers say, as Tiger Global and SoftBank have taken a wait-and-see approach.

According to a recent report by IVCA and EY, investment in private equity and venture capital in April 2022 decreased by 27% year-on-year to reach $5.5 billion due to slower growth cycles.

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