Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Sorin Trust (SEBI Reg. IN/AIF2/21-22/1015) is a Category II AIF registered in March 2022, managed by Sorin Advisors LLP (LLPIN: ABC-0970, incorporated December 16, 2022, ROC Mumbai). The investment manager operates publicly as 'Sorin Investments' and was co-founded by Sanjay Nayar (ex-CEO of KKR India and ex-CEO of Citigroup India-South Asia) and Angad Banga (Caravel Group). Sorin is an early-stage venture capital firm focusing on Series A and B investments in tech and tech-enabled businesses across India. Fund I achieved a final close of ₹1,350 crore, making it one of India's larger early-stage VC funds. Key limited partners include the family offices of the Nayar family, Banga family, Sunil Kant Munjal (Hero Enterprises), Henry Kravis (KKR co-founder), senior KKR partners, SIDBI, Self Reliant India, and the UP Startup Fund. Target sectors: fintech, climate, B2B tech, retail, consumer brands, healthtech, and SaaS. Entry investment cheques range from ₹15 crore to ₹50 crore. Sorin has offices in Mumbai (Peninsula Chambers, Lower Parel) and Bengaluru. The SEBI-registered address for the trust (104, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel) is Nykaa's registered office — the connection arises because Jagdish Dargar, the SEBI contact, is a Financial Services Consultant at Nykaa, and Nykaa's founder Falguni Nayar is married to Sanjay Nayar (Sorin's co-founder). The manager's operational address is Unit 301, 3rd Floor, Peninsula Chambers, Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013.
Sanjay Nayar
Founder and Chairman
Sanjay is one of the most well-known and seasoned investors in the Indian private investing landscape, with over 38 years of experience in the financial markets. After spending 14 years with KKR India as the CEO, he served as Senior Advisor to KKR; he has also previously served on the Asian investment and portfolio management committees of KKR. He has been on the boards of various KKR portfolio companies and served as Chairman of Avendus Capital. In addition, he also serves as a Non-Executive Director at NYKAA. Prior to joining KKR, he served as CEO of Citigroup's Indian and South Asian operations.
Angad Banga
General Partner
Angad is a General Partner at Sorin. A finance pro, he ensures smooth functioning of The Caravel Group as the Group Chief Executive Officer. He serves on the Board of Directors of Fleet Management Limited and several other companies in The Caravel Group's portfolio. As Nykaa's first external investor, Angad played a critical role in steering the company from their Series A fundraising to their November 2021 IPO. Preceding his role with The Caravel Group, Angad was a Principal with KKR, focusing on LBO transactions across the APAC region.
Jagdish Dargar
SEBI Contact Person
Jagdish Dargar is the SEBI-registered contact person for Sorin Trust. He is a Financial Services Consultant at Nykaa (FSN E-Commerce Ventures), whose registered office at 104, Vasan Udyog Bhavan, Lower Parel is the SEBI-registered address for the trust. The connection arises through the Nayar family — Nykaa founder Falguni Nayar is married to Sorin's co-founder Sanjay Nayar.
Mandar Dandekar
Partner
Mandar is a Partner and founding member of Sorin where he leads the firm's investments drawing upon nearly two decades of rich and diverse experience in venture capital, private equity, and technology consulting. Prior to Sorin, Mandar spent close to a decade at VC firm Kalaari Capital where he played a part in helping several companies reach success including Dream11, Elasticrun, Jumbotail, Agnext, Healthplix, Stanplus and many others. He was also previously with Tata Capital Innovations Fund.
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Subeer Monga
Partner
Subeer brings over 15 years of extensive experience in startup and venture investing. His journey into the world of venture investing began in 2010 with Mayfield Fund's India-focused fund, where he spent over 12 years honing his skills and contributing to over 20 investments spanning financial services/fintech, technology, consumer, and enterprise. Before joining Sorin, Subeer played a pivotal role at ICICI Venture, where he contributed to shaping the strategy for the firm's new VC fund.
Ruchita Jasani
Chief Financial Officer
CA, CAIA
Ruchita has more than 20 years' experience in the financial services industry including working with diverse private equity firms. Her experience spans across both global and Indigenous Companies such as Deloitte, KPMG, Morgan Stanley, SS&C, Motilal Oswal and Shapoorji Pallonji. In her prior roles, she headed the Finance function for the Private Equity Funds of Motilal Oswal and Shapoorji Pallonji and played a critical role in fund formation, compliances, accounting, audit, taxation, investments and disinvestments.
Ashima Setia
Principal
Ashima believes that a bold vision, nurtured with solid execution, can create game-changing businesses. As a former operator, she is passionate about partnering with visionary and perseverant founders in creating lasting impact. Ashima started her career as a trading analyst with Deutsche Bank in the European fixed-income markets. Post-MBA, she spent 5+ years with McKinsey & Co. across Healthcare, Financial Services and Logistics sectors. Prior to joining Sorin, she was P&L Head for a key enterprise vertical at MediBuddy (a health tech startup).
Shree Vardhan
Vice President
Shree focuses on SaaS and AI investments at Sorin. He brings a wealth of experience from his time at Susquehanna Growth Equity, and has previously also worked with WestBridge Capital and Bessemer Venture Partners. Shree spent close to a decade leading Enterprise Sales at several high-growth SaaS startups, gaining deep operational expertise before transitioning to venture capital. He comes from an engineering background and holds an MBA from Wharton.
Sumedh Deshpande
Vice President
Sumedh enjoys thinking about the intersection of culture, technology and business. At Sorin, Sumedh focuses on helping founders building the next generation of iconic consumer brands and novel B2B business models. Prior to joining Sorin, Sumedh spent nearly 4 years as an early-stage consumer investor at Fireside Ventures and DSG Consumer Partners. He was also the founder of Daybreak, a VC-backed consumer brand in the oral care category. Sumedh holds an MBA from the Yale School of Management.
Rajat Srivastava
Vice President
Rajat enjoys partnering with ambitious founders building category-defining businesses. He is especially interested in opportunities where technology and insight can unlock meaningful value. After completing his MBA, Rajat began his investing career at Xander Private Equity before spending 3.5 years at IvyCap Ventures, where he backed early-stage companies across the breadth of B2B. He completed an MBA from the Indian Institute of Management Calcutta and his undergraduate degree from the Indian Institute of Technology Kharagpur.
Abhishek Pathak
Associate Vice President
Abhishek is curious and takes great interest in problem-solving and thinking through ideas. He pursued Chemical Engineering at IIT Roorkee, where he found an early affinity towards business and technology. After undergrad, Abhishek ventured into Technology Investment Banking at IndigoEdge. Prior to joining Sorin, he was working with PeerCapital (seed stage VC). His experience spans across SaaS, ConsumerTech, Gaming and B2B marketplaces.
Alok Anand Patra
Associate Vice President
Alok strongly believes in combining first-principles thinking with empathy. At Sorin, he aims to collaborate with exceptional founders, blending business and innovation in exciting and impactful ways. After completing his undergraduate degree, Alok joined Indian FMCG giant ITC's Foods Business Division, leading operations and projects for the beverages business. Following his MBA, he joined Japanese early-stage VC firm Incubate Fund Asia. His key interests include consumer brands, consumer tech, climate tech, and B2B commerce. Alok graduated from the Indian School of Business with a specialization in Strategy and Marketing.
Hardik More
Associate
Hardik is an operator turned investor. He likes building things that redefine segments, and he brings that same builder's empathy to working with founders who are doing the hard, early work of turning an idea into a business. Prior to Sorin, Hardik spent four years at Dhan as one of its early product managers, with a mandate to build new businesses from the ground up. He also built Dhan's algo trading product, the first of its kind in the market.
Rijul Ganju
Analyst
Rijul is an explorer at heart, happier asking questions than settling on answers. Before joining Sorin, Rijul was an Analyst at Avendus Capital's Investment Banking practice in Mumbai, where he worked on public market transactions of various new-age companies with unique business models. Rijul graduated Summa Cum Laude from Ashoka University, where he studied Psychology, Economics, and Entrepreneurship.
Mittu Sridhara
AdvisorAdvisor
Mittu is a purpose-driven, seasoned, Board-level business and technology leader who has spearheaded four highly successful digital transformation journeys. Notably, he has played key roles in scaling up two multi-billion-dollar digital platform businesses, Careem (acquired by UBER for $3.1 billion) and Hepsiburada (IPO on Nasdaq for around $4 billion).
Paul Yang
AdvisorAdvisor
Paul is the Vice Chairman of the China Development Financial Holding Corp. (CDFH), one of the leading financial services providers in Asia. From 2012 to 2016, he served as the Group CEO of CDFH. Paul also served as a Partner and Head of Greater China for KKR from January 2017 to June 2022.
Lucian Schoenefelder
AdvisorAdvisor
PhD in Finance
Lucian Schoenefelder is an international technology private equity and growth investor. He is a former Partner and Advisor at KKR, where he built KKR's European technology growth equity and large-cap internet investing practice out of London. He subsequently relocated to Asia to lead and build KKR's technology investing activities across the region.
Rajesh Magow
AdvisorAdvisor
Rajesh Magow is the Co-Founder and Group Chief Executive Officer of MakeMyTrip Limited, the holding company of India's leading travel brands MakeMyTrip, Goibibo and redBus. A part of the founding team that built MakeMyTrip from the ground up, Rajesh is a believer of India's digital opportunity and a backer of many young Indian tech companies.
Vibhav Dhawan
AdvisorAdvisor
The driving force behind the expansion of Positive Moves to over 100 consultants, Vibhav was instrumental in establishing Positive Moves as a disruptor in the executive search industry. His entrepreneurial zeal was key to him incubating Stashfin and Positive Integers, two successful startups in Data and FinTech, where he is a board member.
Kaushik Subramanian
AdvisorAdvisor
Kaushik Subramanian is a prominent venture capitalist, based in London, where he invests in AI and fintech companies building product-led, category-defining businesses. Prior to becoming a VC, he was a product leader at Stripe, where he built and scaled the company's FX and multicurrency business. Earlier in his career, Kaushik spent several years at Meta.
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