Fireside Ventures, an Indian early-stage fund, has announced the final close of its third fund at US$225 million, which is double the amount of its previous fund. Anchor investors for this fund include Self-Reliant India Fund, Investment Corporation of Dubai, and State Bank of India.
The Fireside Ventures leadership team (from left): partner Kannan Sitaram, partner Vinay Singh, managing partner Kanwaljit Singh, and partner Dipanjan Basu / Photo credit: Fireside Ventures
Fireside will support 25 to 30 digital-first consumer brand startups based in India with the fund, encompassing verticals such as edutainment, health and wellness, lifestyle, and fast-moving consumer goods.
Founded by Kanwaljit Singh and Vinay Singh in 2017, Fireside has been the first institutional investor in 75% of its 31 portfolio companies. It has invested in several direct-to-consumer startups such as beauty products unicorn Mamaearth and audio brand BoAt, as well as Vahdam, Slurrp Farm, and Kapiva.
In India alone, the market for D2C brands is set to reach US$100 billion by 2025.
See also: India’s beauty D2C space is booming, but SEA’s may be even bigger
Other investors in the fund include:
- Premji Invest
- Waterfield – Fund of Funds
- ITC Limited
- Emami Limited
- Sharrp Ventures
Editing by Samreen Ahmad and Arpit Nayak
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