SORIN INVESTMENTS
ETtech Deals Digest: Even, Different lead as weekly funding hits $246 million, down 27% on-year
Even Healthcare led deal activity with $50 million, followed by Different at $48 million, Baba Care at $40 million, and AuxoAI at $20.7 million. General Catalyst was among the most active investors, backing Baba Care and Different. Blume Ventures invested in Hunar.AI and Harajuku, while Seedstars participated in rounds of Hunar.AI and Karta.
The Pant Project raises Rs 109 crore to expand store network
The startup plans to use the funding to scale its offline footprint, add more categories and expand its team, cofounder and CEO Dhruv Toshniwal told ET.
Online festive sales fizzle; Snowflake CEO on AI’s impact on software
Happy Monday! Festive ecommerce sales have slowed down this year, we tell you why. This and more in today’s ETtech Morning Dispatch.
The Souled Store valuation may jump over 3x to Rs 5,000 crore in new secondary deal: sources
The transaction, which will primarily comprise secondary share sales, will value the Mumbai-based startup at about Rs 4,000-5,000 crore, more than three times its last valuation of Rs 1,500 crore, said one of the persons, who did not wish to be identified.
Sanjay Nayar buys Rs 90 crore luxury apartment in South Mumbai’s Carmichael Road
The transaction involves a 4,537.29 sq ft apartment on the first floor of Kamal Mahal, Anand Kamal Co-operative Housing Society Ltd, located on M L Dahanukar Marg, also known as Carmichael Road. The deal works out to around Rs 1.98 lakh per sq ft based on the carpet area.
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Construction qcomm outfit HomeRun raises $12 million from Nexus Venture Partners, others
HomeRun, the Bengaluru-based startup that specializes in quick delivery of construction and renovation materials, has successfully raised twelve million dollars in a funding round led by Nexus Venture Partners. This fresh capital injection will support its expansion efforts and improve its supply chain technology. Having completed over one hundred thousand deliveries in the last year, this investment reflects the growing interest in niche quick commerce services.
AI startup Kily secures Rs 30 crore from Sorin Investments, Razorpay, Wyser
The AI startup said that it plans to use the fresh capital to deepen Kily's product capabilities, strengthen its go-to market initiatives, and accelerate adoption across India's largest consumer brands. The company said its AI agents help brands manage pricing, advertising, inventory and marketplace operations by analysing real-time marketplace data and autonomously executing decisions.
HomeRun raises $6.6 million in round led by Sorin Investments
Titan Capital Winners Fund, Sparrow Capital, Consumer Collective by Atrium, and Helios Holdings participated in the round. Per founder and CEO Pukhraj Grewal, the quick commerce platform for construction and home-improvement materials will use the funds to expand into new cities, add product categories, and invest in fulfilment technology.
Healthcare startup Nivaan Care raises $7 million in funding led by Sorin Investments
The startup will use the funds to expand its clinic network across multiple Indian cities, strengthen its clinical and operating infrastructure, and to enhance its minimally invasive pain management procedures. Founded in 2023, the New Delhi-based company focuses on non-surgical treatment of chronic pain across the body, including back, neck, knee, and other conditions.
AI services startup Aivar raises $4.6 million led by Sorin, Bessemer
AI services startup Aivar has raised $4.6 million (about Rs 41 crore) in a seed funding round led by Sorin Investments, with participation from Bessemer Venture Partners. The funds will be used to expand the company’s presence across India, the US and the Middle East, and to invest in AI accelerators, senior talent, and global delivery capabilities.
Enterprise supply chain startup Enmovil raises $6 million from Sorin Investments, others
Enmovil, a Hyderabad-based supply chain planning platform, secured $6 million in funding led by Sorin Investments to enhance its AI capabilities and expand globally. Their AI-driven platform integrates with ERP systems, optimizing dispatch routes and forecasting for clients like Maruti Suzuki and Nestle.
Uniqus Consultech raises $20 mn in Series C funding
Uniqus Consultech has secured $20 million in Series C funding from Nexus Venture Partners and Sorin Investments, doubling its valuation to $250 million just a year after its $100 million Series B round. The fast-growing consulting firm will use the funds to expand globally, develop AI-powered tools, and enter new service areas like valuation and diligence.
Enterprise solutions startup Beacon raises $7 million in round led by Sorin Investments
Athera Venture Partners, Jafco Asia, existing investor Unicorn India Ventures, and angel investors including Capillary Technologies CEO Aneesh Reddy, Delhivery CTO Kapil Bharati, and Rapido CEO Aravind Sanka also participated in the round. The company plans to use the money to expand its AI capabilities, scale its global footprint, and further enhance enterprise automation.
Sanjay Nayar’s Sorin Investments raises Rs 1,350 crore
Early-stage venture firm Sorin Investments, founded by veteran dealmaker and former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, sources told ET. Through this fund, Sorin will back startups looking to raise Series A funding.
Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
Japan's Mizuho hires Sanjay Nayar as advisor for Mizuho Bank India
An active player in the Indian financial services space, Mizuho has already infused about $500 million (₹4,100 crore) into its India bank branches. Mizuho made an investment of $145 million for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India) recently.
ESG consulting startup Uniqus raises $10 million in funding led by Nexus VP
Uniqus Consultech raised $10M Series B funding, expanding to 8 cities with 350 professionals. Funding to enhance services, enter new markets, and invest in technology. ESG market growth drives firms towards sustainability and governance focus for client value.
Sanjay Nayar takes over as Assocham president
Sorin Investment Fund Chairman Sanjay Nayar has been appointed as Assocham president for 2024-25, succeeding SpiceJet's Ajay Singh. Nayar has four decades of experience in global financial markets and plans to collaborate with the Centre on PM Modi's vision for India's development.
Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments
This is the second equity infusion into the company after Freed raised a $2.8 million pre-series A round in 2022 from a bunch of angel investors and Multiply Ventures.
Debt relief platform Freed raises $7.5 million led by Sorin Investments
This is the second equity infusion into Freed after it raised a $2.8 million pre-Series A round in 2022 from a bunch of angel investors and Multiply Ventures.
Indian SaaS products to corner 8% global market share by 2028: report
According to a latest report from advisory firm 1Lattice and venture investor Sorin Investments, the Indian SaaS market is also expected to touch $37 billion in market size by 2028, from $12 billion presently.
Veteran dealmaker Sanjay Nayar teams up with Peak Ventures for cleantech play
Nayar is partnering with Peak Ventures – an early-stage firm focused on cleantech areas such as new energy, food systems, clean water and climate. Under the new arrangement, Nayar would become a general partner at the Mumbai-based firm.
Sidbi, NSIC subsidiary to back startup fund Sorin
Sorin Investments had raised a corpus of over ₹1,000 crore in August. Sorin has deployed about ₹70 crore till date in two startups. It plans to invest an additional about ₹70 crore in two more transactions by 2023, people said.
Satya Nadella brings Sam Altman to Microsoft; Twitch’s Emmett Shear is OpenAI’s new interim chief
After unsuccessfully pushing for the reinstatement of Sam Altman as OpenAI CEO, Satya Nadella roped him in to lead Microsoft’s new advanced artificial intelligence (AI) research team.
SIDBI, NSIC to back Sanjay Nayar's startup fund
Both SIDBI and Self Reliant India (SRI) Fund, owned by NSIC Venture Capital Fund Limited (NVCFL), a 100% subsidiary of The National Small Industries Corporation Limited, will invest about Rs 300 crore into Sorin
Sorin Investments’ maiden fund raises over Rs 1000 crore
Investors in the fund include Henry Kravis, George Roberts and other partners of the American global investment firm KKR & Co as well as Hero Enterprise chairperson Sunil Kant Munjal and a few other global and Indian family offices.
Industrial services SaaS marketplace Venwiz raises $8.3 million
Other investors in the funding round included two returning investors Accel and Nexus Venture Partners, as well as JAFCO Asia, Riverwalk Holdings, Force Ventures, former ITC agri-business CEO Sanjiv Rangrass, AT Kearney partner Anshuman Sinha, and Bain & Co partner Prabhav Kashyap among other angel investors.
Uniqus Consultech raises $12.5 million in Series A funding
The startup, which has been co-founded by ex-Big Four leaders—Jamil Khatri, former global head of accounting advisory services at KPMG, and Sandip Khetan, former head of financial accounting advisory services at EY India—also launched its operations on Thursday.
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