India’s Fireside Ventures makes six new bets from first fund

Photo: Reuters

Bengaluru-based early-stage venture fund Fireside Ventures said on Tuesday that it has invested in six consumer brands from its first fund, which closed at Rs 340 crore ($47.5 million) in March last year.

The six companies are sports apparel brand Azani Sports, mosquito traps maker Bog Orchid, The Ayurveda Experience, Kapiva Ayurveda, ready-to-cook masala brand Tasty Tales, and AnKa SumMor Foods, per a statement.

While financial details of the latest investments were not disclosed, Fireside Ventures said it has deployed Rs 204 crore across 18 investments till date.

“India is at the cusp of a great boom in consumerism and will see the emergence of several exciting new brands to cater to the large and growing Millennial & Gen Z population,” Fireside Ventures founder Kanwaljit Singh said.

“This segment is looking for different sensibilities and product choices from their brands which startups are best suited to fulfil. And this, coupled with the rapid growth in infrastructure of ‘go to market’ options, both digital and organised retail makes it a unique and exciting ‘point in time’ opportunity for these brands,” he added.

Launched in 2017 by Singh, a former senior managing director with Helion Venture Partners, Fireside Ventures focuses on investing in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products etc. The fund’s other directors include Vinay Singh and VS Kannan Sitaram.

Its first fund attracted investments from Premji Invest, Mariwala Family Office, Westbridge Capital, Sanjiv Goenka of the RP-Sanjiv Goenka group, and Hero Enterprise’s Sunil Munjal, among others.

Last year in July, Fireside invested an undisclosed sum in Magic Crate, which offers activity-based learning kits for children. In May, consumer tech startup boAt, which makes electronic products such as speakers and headphones, had raised Rs 6 crore in a round led by Fireside Ventures.

The firm’s other portfolio companies include Yoga Bar, Samosa Singh, Bombay Shaving Company, and Mama Earth.

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