Fireside Ventures, a multi-stage venture fund investing across the early growth stages of businesses with a focus on consumer brands, announces the close of its second fund (Fireside Fund II) at Rs 863 crore.
The pandemic further validated the Fireside investment thesis of investing in digital-first consumer brands. Fireside believes that the over-arching trends and shifts seen in consumer demand for an extra dose of 'Wellness & Goodness' in the products and services they consume, are here to stay. As D2C (Direct to Customer) and e-commerce become more mainstream, the brands can leverage technology and data analytics to offer even more relevant and personalized offerings to the consumers.
The Fireside Fund II has marquee investors such as Fund of Funds for Startups ( FFS) operated by SIDBI under the aegis of GOI’s initiative 'Start-up India Action Plan', Investment Corporation of Dubai, Nippon India Digital Innovation AIF, Bajaj Holdings and Investment Limited, ITC Limited, L’OREAL, Pidilite group, Premji Invest, and a large US university endowment.
Fireside will invest in 15-20 consumer brand start-ups while continuing to keep its focus on digital-first brands.
Kanwaljit Singh, Founder & Managing Partner, Fireside Ventures, said, "We are indeed very delighted to get the support of our existing investors and we extend a very warm welcome to all our new investors. At Fireside Ventures, we are equally proud of all the founders from our portfolio companies, it is indeed remarkable to see their sheer guts and grit last year as they pivoted, planned, and programmed themselves to survive and be successful as well. A large number of our portfolio companies saw positive tailwinds during and post the pandemic."
"We are now eager to go all out and partner with young Indian entrepreneurs who are creating exciting new digital-first brands across the consumption spectrum and are consciously building brands that focus on good for consumers and good for the world," he further added.
Fireside Fund II received investment interest from over 1,500+ companies so far and deeply evaluated over 300 of them before making the 4 investments. The Fund II portfolio companies to date are Fable Street, SARVA Yoga, Gynoveda, and Slurrp Farm.