First close for Fireside’s $100 million fund

BENGALURU: Consumer brands-focused early-stage fund Fireside Ventures has made the first close of its $100 million fund, anchored by Indian and global investors, and institutions including L'Oréal. The second fund has received commitments of nearly $60 million.
“Almost all of our first-fund large investors have committed to the second fund,” said Kanwaljit Singh, without disclosing names, citing regulatory compliances. Fireside’s first fund was backed by some of the largest FMCG giants, including Unilever Ventures, ITC and Kolkata-based consumer goods firm Emami along with investment firm WestBridge Capital.

Singh is a consumer industry veteran who started the company in 2017. Fireside Ventures typically invests in consumer brands that have a revenue run rate of Rs 40 lakh per month on average.

In its first fund, which closed at about $50 million, Fireside Ventures took ownership of about 10% on average with a half-million dollar cheque size, while the second fund will put in more money for a larger chunk of the firm, he said.


“The plan is to put in the initial capital of about $1 million and take 20% ownership while also offering capabilities to help these businesses build a Rs 100 crore brand,” Singh said.

Fireside Ventures Fund II has made its first investment in Gynoveda – a menstrual health-focused personal care brand, Singh confirmed.

From the first fund, Fireside has backed boAt audio, Mamaearth, Vahdam Teas, Design Café, Alpha Vector (Frog Bikes) and Yoga Bar.

Mamaearth has raised follow-on investment from Stellaris Venture Partners and is in talks to raise growth stage capital from Sequoia Capital. Vahdam Teas, too, raised Rs 75 crore, led by consumer fund Sixth Sense Ventures in October.