The third fund from early-stage venture capital firm Fireside Ventures was completed at Rs 1,830 crore ($225 million), twice the size of its second fund. It will continue to invest in companies that produce goods for markets outside of India.
In 2017, Fireside Ventures was founded. Kawaljit Singh, Vinay Singh, Kannan Sitaram, and Dipanjan Basu are in charge of it. The fund is notable for investing in cutting-edge brands like Vahdam, Slurrp Farm, Kapiva, 91 Cycles, Design Café, FS Life (formerly FableStreet), The Sleep Company, Gynoveda, Wellbeing Nutrition, and Pilgrim.
It presently has Rs 3,000 crore in assets under management. Additionally, it invests in well-known direct-to-consumer businesses like Mamaearth and boAt.
Kanwaljit Singh, the managing partner of Fireside Ventures, commented on this event by saying, “Fireside Ventures was formed with an obvious purpose, to invest in the next generation of consumer brands, a field that was witnessing the beginning of disruptive developments. Five years later, we are thrilled by the amount of change these daring new digital-first firms are bringing about and eager to watch them continue to add value going forward.”
The third iteration of this fund will invest in 25 to 30 consumer-centric, digital-first firms across various industries, including FMCG, edutainment, lifestyle, and health & wellness.
Fund III will attempt to invest in start-ups with “a strong purpose, responsible processes, and healthy governance,” although “compelling products” will undoubtedly rank highly on its list of requirements.
Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield – Fund of Funds, ITC Limited, Emami Limited, Sharrp Ventures, and other start-up founders are just a few of the notable investors who will underpin this 3.0 iteration.