Sanjay Nayar-led Sorin Investments is preparing to raise approximately ₹2,000 crore for its second fund, according to reports from three people familiar with the matter. The discussions are currently in early stages, with the firm officially beginning preparations in the first quarter of the next calendar year, around the January-March 2027 period. This proposed corpus represents an increase from Sorin's maiden fund, which was sized at ₹1,350 crore and is yet to be fully deployed.
According to reports from a second person familiar with the matter, about 60% of the first fund has been deployed across 12 investments. The firm expects to make another five to seven deployments over the next few months. While the investment thesis from the first fund is expected to remain largely unchanged, the firm may also evaluate investments in sectors such as deep-tech, space tech and AI for the second fund, as confirmed by a third person.
This development comes as private equity and venture capital fundraising have gained momentum with several large investment firms such as Elevation Capital, Fundamentum, Transition VC and Exfinity Venture Partners launching funds since the beginning of this year. While dealmaking is resuming after a lull, the fundraising strategies reflect a more selective and conservative approach as investors navigate valuation corrections.
Sorin was founded by Sanjay Nayar, the former chief executive officer of KKR India, who has served on the boards of several KKR portfolio companies. The firm's leadership team includes Angad Banga, who played a key role as the first external investor in Nykaa, and partners Subeer Monga and Mandar Dandekar. Both the Nayar and Banga families invested in Sorin's first fund, launched in 2024, with about 90% of the capital coming from domestic investors.
According to reports, Sorin has completed four transactions since the beginning of this year, including a $4.6 million seed round in AI services company Aivar, led by Sorin alongside Bessemer Venture Partners. The firm also invested in a $7 million Series A investment in pain management clinic Nivaan Care and a $6.6 million Series A round led by Sorin in home-construction materials quick-commerce platform HomeRun. Additionally, it participated in debt-relief platform FREED's $6.6 million Series A round led by Aavishkaar Capital.
