India: Consumer-focused Fireside Ventures closes Fund II at $118m

Kanwaljit Singh, Managing Partner, Fireside Ventures

Early-stage investor Fireside Ventures, which invests in consumer startups, has closed it second fund at $118 million (Rs 863 crores), it announced on Wednesday.

The fund had reached the first close at $60 million in November 2019.

Investors in the new fund included Fund of Funds for Startups ( FFS), 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, the firm said in a statement.

With a larger second fund, Fireside will invest in 15-20 consumer brand startups while continuing to keep its focus on digital-first brands. The second fund has already invested in premium workwear brand Fable Street, yoga and wellness startup SARVA Yoga, personal care brand Gynoveda, and D2C Food Brand Slurrp Farm.

“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,” Kanwaljit Singh, Founder & Managing Partner Fireside Ventures said.

Fireside had closed its first fund in February 2018 with a corpus of Rs 340 crores (~$50 million). With 18 investments, about 95% of the investible corpus of Fund I has been deployed and the remaining 5% is reserved for follow-ons, the statement added.

The Fund I portfolio includes boAt, Mamaearth, Vahdam Teas, Yoga Bar, Samosa Singh, Bombay Shaving Company, The Ayurveda Experience, Tasty Tales. Six of Fireside’s portfolio companies have already crossed Rs 100 crore in turnover and expects over 50% of the firms to provide healthy returns, VC Circle said in its report.

Fireside has also made a partial exit from portfolio firm boAt, which raised $100 million from private equity firm Warburg Pincus earlier this month.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.