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Fireside Ventures closes first fund at Rs 340 crore

 
Fireside Ventures, an early-stage venture capital fund focused on consumer brands, said Tuesday that it closed its first fund with a corps of 340 rupees. It is aimed at investing this fund through 20-25 consumer brand enterprises within the next two to three years.

"There has been a secular shift in consumer buying behavior. A new consumer class that is a millennial buyer is looking for values ​​from its products such as authenticity, clean labels, ethical sources and production, etc. The growth of these young brands can be explained by the growing modern retail infrastructure and the emergence of a digital universe that increases openness and the availability of such brands. Fireside believes that these macro-trends will allow launching a large number of innovative and destructive brands in India by enterprising entrepreneurs and wants to be a key player in supporting brands, "the company said in a statement.

Currently, the portfolio of Fireside Ventures includes Yoga Bar, Samosa Singh, Goodness Beverages, Design Cafe, Bombay Shaving Company, Mama Earth, Wahdam Tea, Kwik 24 , "Magic Crate" and "Frog Bikes".

The foundation is headed by Kanwaljit Singh, Viney Singh and V.S. Kannan Sitaram.

"The rhythm of consumer brand enterprises is unique and requires an investor with a different DNA. The combination of digital distribution and demand for consumer brands creates new opportunities and business models that will allow building several new brands in India more efficiently and in a faster time frame. This is the trend in the consumer brand that Fireside Ventures covers, we see it as a great opportunity and are committed to introducing, mentoring and promoting brands in this space, "said Kanwaljit Singh, Managing Partner of Fireside Ventures.

The fund is secured by such investors as Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami Ltd, RP-Sanjiv Goenka Family Office, Sunil Munjal Investment Office and ITC Ltd.






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