Sanjay Nayar, a KKR Co. adviser in India, is setting up his own venture fund targeting early-stage startups at a time when some of the country’s most-celebrated tech firms are suffering from tanking valuations.
Sorin Investment Management, whose name comes from Romanian word for sun, has raised $125 million from investors including family offices of Nayar and the Banga family of Caravel Group, Nayar said in an interview in Mumbai on Wednesday. The fund plans to back about 10 startups, focusing on sectors including consumer tech, fintech and software-as-a-service.
Nayar’s fund is scouting for opportunities as titans of venture investing from Tiger Global to SoftBank Group Corp. are nursing quarterly losses following the tech rout. Sequoia Capital had warned the founders of its approximately 250 portfolio companies in May that the good times are not only over for startups, there’s no indication when they’ll return.
Read more: BNN Bloomberg
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