We are delighted to launch the first edition of Sorin Investments’ newsletter. Since this is our first newsletter, we intend to introduce ourselves and the fund, hence will be a bit longer read than the subsequent editions.
We thought of breaking the ice with who we are. Sorin Investments was co-founded by Sanjay Nayar and Angad Banga. Sorin focuses on investing at Series A & B stages across sectors in tech and tech-enabled businesses. Our entry investment cheque ranges from INR 15Cr to INR 50Cr. We have successfully raised our first fund of Rs. 1,350 Cr ($162 Mn) across 36 LPs. The fund has made 6 investments till date in Uniqus Consultech Inc., Venwiz, LiteStore, FREED, The Pant Project and Shivalik Small Finance Bank.
Sorin’s investments are led by Mandar Dandekar and Subeer Monga, both of whom have individually spent 15+ years in early-stage investing. The rest of the investment team comprises professionals with diverse experience in investing, consulting, investment banking, and operations. [click here to learn more about the team]. We’ve been present in Mumbai and Bangalore since the inception of our fund. Our Mumbai office is located in Peninsula Corporate Park, Lower Parel. We recently moved into our new office at Indiqube The Leela in Bengaluru. We would love to host you over a coffee! Here’s our address.
Please visit our website for more information.
A sneak peek into our existing portfolio companies:
We’ve had the privilege of partnering with 6 amazing founding teams, with not just deep insights into their respective markets, but also early signs of great execution:
Uniqus is a tech-enabled global platform that offers Accounting & Reporting, ESG, and Tech Consulting by leveraging an onshore-offshore delivery model.
Venwiz is a SaaS-enabled marketplace providing Capex and industrial services procurement.
FREED is India’s 1st consumer-focused debt-resolution and settlement platform.
Litestore is a retail-as-a-service platform enabling consumer brands to go omnichannel, building a truly plug-and-play model to expand their physical footprint.
Shivalik is a technology-enabled small finance bank, lending to the SMEs and underserved segments of Bharat.
The Pant Project is a men-focused bottom-wear brand, bringing in style and comfort for all occasions using multi-functional fabric.
More on the close of our Rs. 1,350 Cr ($162 Mn) Fund-1
Our first fund is supported by a distinguished LP (Limited Partner) base of family offices and institutions with 90% of the capital coming from India. Key LPs include Nayar family office, Banga family office, Munjal family office, Henry Kravis (KKR) family office and other KKR senior partners, SIDBI, Self Reliant India, and a UP startup fund (as their first investment).
We are grateful to the LPs for their faith and strong support resulting in a larger fund than we had originally planned. We remain very bullish on the Indian technology ecosystem driven by high-quality entrepreneurs and increasing technology adoption by consumers as well as businesses. Early-stage companies need help in their growth journey and Sorin’s focus is to provide tangible value addition through its experience and network.
Series B fundraise for Uniqus
In just over a year of launch, Uniqus has scaled up significantly with offices in eight cities across the US, India, and the Middle East with over 350 high-performing professionals, serving more than 150 clients.
Given this rapid growth and significant opportunities ahead, Uniqus has raised $10Mn in Series B Funding from Nexus Venture Partners and Sorin Investments. This infusion of capital will be used for the next phase of Uniqus’ growth.
Our insights and perspectives:
SaaS Surges
We announced the launch of our report with 1Lattice, SaaS Surges: The Evolution of Software as a Service in India.
We are strong believers in the potential of cross-border SaaS businesses. Our report, “SaaS Surges: The Evolution of Software as a Service in India”, outlines our take on what might come next in this space, and key considerations for someone looking to build great enterprise products out of India for the world. We predict global market share for Indian-origin SaaS businesses increasing by ~200 bps to reach 8% over the next 5 years, driven by India's robust SaaS ecosystem and best-in-class talent pool.
Link to the report
The coming of age of D2C in India
We also launched our report on the key trends shaping the D2C space in India, in collaboration with 1Lattice. covering the sector’s economic impact, growth drivers, challenges, key success factors, and enablers. We have double-clicked on 4 key segments in detail - Electronics, Beauty & Personal Care, Fashion, and Grocery.
Link to the report
Sorin in the news:
Sanjay Nayar shares his take at Startup Mahakumbh on what it takes to build a truly exceptional business.
Mandar Dandekar shares his thoughts on the current trends and future landscape of D2C brands and key driving factors.
Aashna Singh, was part of a fintech mixer, hosted by Decentro in Mumbai, to discuss new innovative models emerging across buy now pay later, lending, and credit segments.
Our content picks:
It’s your ship, Management Techniques from the Best Damn Ship in the Navy (Book by D. Michael Abrashoff)
Morgan Housel - Wealth is the money you don’t spend (Podcast, by Morgan Housel)
At Sorin, we endeavor to create a meaningful impact in the ecosystem. Stay tuned for future updates!