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.

Also Read:

India: Fireside Ventures adds former Myntra CFO as partner, OYO CEO Aditya Ghosh to advisory board

India: Fireside Ventures closes first fund at $52m

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.