Fireside Ventures closes its third fund at $225 million

• Fireside Ventures, a venture capital fund, is currently managing ₹3,000 crore ($395 million) of AUM.
  
• It has backed consumer brands like unicorn Mamaearth, boAt, Vahdam, Slurrp Farm, Kapiva, 91 Cycles to name a few.
  
• The third fund will invest in 25-30 digital-first consumer startups.
  

Fireside Ventures, an early-stage venture capital fund, said that it has closed its third fund after raising ₹1,830 crore ($225 million).

Fireside Fund III is anchored by investors like Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield - Fund of Funds, ITC, Emami, Sharrp Ventures and several start-up founders.

The fund is known for investing in digital-first consumer brands. It said that its third fund will invest in 25-30 D2C startups across health and wellness, edutainment, lifestyle and FMCG sectors.

“Fireside Ventures was created with a very clear vision, to invest in the next generation of consumer brands, a space that was witnessing the start of disruptive changes. Five years later, we are delighted to see the magnitude of change these brave new digital-first brands are creating, and we look forward to seeing them create even more value in the future,” Kanwaljit Singh, managing partner, Fireside Ventures said.

The market for D2C brands in India is set to touch $100 billion by 2025.

Fireside Fund also said it will seek out brands with a strong purpose, responsible practices, and healthy governance.

Fireside Fund has been the first institutional investor in 75% of its 31 portfolio companies. Moreso, over 50% of them have been founded or co-founded by women, it claims.

Fireside Funds I and II have invested in personal care unicorn Mamaearth, and IPO-bound boAt. Its portfolio includes Vahdam, Slurrp Farm, Kapiva, 91 Cycles, Design Café, FS Life (erstwhile FableStreet), The Sleep Company, Gynoveda, Wellbeing Nutrition and Pilgrim.

Launched in 2017, Fireside Ventures with the close of its Fund III is currently managing assets to the tune of ₹3,000 crore or $395 million.

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