Fireside Ventures raises $225 million for its third fund

• ByStartupStory     |    October 13, 2022

Fireside Ventures, a five-year-old early-stage venture fund, has just announced the conclusion of its third fund at Rs 1,830 crore ($225 million).

The global financial climate has slowed down, which coincides with this capital raising. To counter this international trend, the majority of the participants in Fireside Ventures’ third fund were from the United States. Among them are the Self-Reliant India Fund, the Investment Corporation of Dubai, SBI, Premji Invest, Waterfield – Fund of Funds, ITC Limited, Emami Limited, Sharrp Ventures, and the creators of a number of new businesses.

Fireside Ventures was established in 2017 and invests in D2C companies. Fund I had raised around $50 million and Fund II raised about $118 million.

Investment firm Fireside Ventures plans to put money into 25–30 digital-first consumer brands in the health and wellness, edutainment, lifestyle, and fast moving consumer goods (FMCG) industries. 

Kanwaljit Singh, Managing Partner, Fireside Ventures said, “Fireside Ventures was created with a very clear vision—to invest in the next generation of consumer brands, a space that was witnessing the start of disruptive changes. Five years later, we are delighted to see the magnitude of change.”

Since its founding, Fireside has backed 31 companies, including boAt, The Sleep Company, Fitterfly, Mamaearth, Yoga Bar, Samosa Singh, SLAY Coffee, Bombay Shaving Company, Tasty Tales, Kwik 24, etc.

The venture capital forecasts that by 2025, the Indian direct-to-consumer (D2C) sector will be worth $100 billion, thanks to the rapid growth of e-commerce, the increasing emphasis on health and wellness, and the mainstreaming of virtual experiences. It pointed out that D2C businesses are competing alongside heritage firms in important areas including beauty and personal care, food & beverage, and fashion.

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