L’Oréal invests in Fireside Ventures’ second fund to co-create new beauty trends in India’s booming consumer market

• ByStartupStory     |    April 18, 2023

According to Amit Jain, the Managing Director of L’Oréal India, this investment will enable the company to collaborate with Indian startups and jointly establish new beauty trends. Kanwaljit Singh, the Managing Partner of Fireside Ventures, stated that this partnership is indicative of the surging interest in the consumer sector in India, and their determination to introduce, mentor, and develop brands worth Rs 100 crore in the coming years.

As per a media report, Fireside Ventures intends to raise $100 million for its second fund, following the successful conclusion of its debut fund at $52 million in March 2018. Fireside Ventures, established in 2017, has invested in various segments, including personal care, processed foods, lifestyle, and home products. Its investment portfolio comprises of a diverse range of brands such as Samosa Singh, Yoga Bar, Bombay Shaving Company, Mamaearth, and Vahdam Teas.

In India, there are several other venture capital firms that concentrate on consumer-oriented investments, such as Sixth Sense Ventures, DSG Consumer Partners, and the newly launched Sauce.vc. DSG Consumer Partners, which invests in consumer brands across India and Southeast Asia, exceeded its goal of raising $50 million, reaching a final close of $65 million (Rs 465 crore) for its third fund last month. Similarly, Sixth Sense Ventures also surpassed its target of Rs 350 crore for its second fund and completed the final close at Rs 515 crore last year.

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