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Multi-stage venture fund Fireside Ventures, which has invested in start-ups like BoAt and Bombay Shaving Company, has announced the close of its second fund (Fireside Fund II) at ₹863 crore ($118 million).
The Fireside Fund II has marquee investors such as Fund of Funds for Startups (FFS) operated by SIDBI under the aegis of the Government of India's initiative ‘Start-up India Action Plan’, Investment Corporation of Dubai, Nippon India Digital Innovation AIF, Bajaj Holdings and Investment Ltd, ITC Ltd, L’OREAL, Pidilite group, Premji Invest and a large US university endowment, a statement from the venture fund said.
“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 will invest in 15-20 consumer brand start-ups while continuing to keep its focus on digital-first brands.
Fund II portfolio
Fireside Fund II received investment interest from over 1,500 companies so far and deeply evaluated over 300 of them before making the four investments. The Fund II portfolio companies to date are – Fable Street, SARVA Yoga, Gynoveda, and Slurrp Farm.
Fireside achieved the final closing of its first fund in February 2018 with a corpus of ₹340 crore ($50 million). It received investment interest from over 2,000 companies and deeply evaluated over 400 of them before making the 18 investments. The deal pipeline was across the consumer wallet. About 95 per cent of the investible corpus of Fund I have been deployed and the remaining 5 per cent is reserved for follow-ons.
Since inception Fireside has invested in 22 brands that include Slurrp Farm, FableStreet, SARVA Yoga, Gynoveda, boAt, Mamaearth, Vahdam Teas, Yoga Bar, Samosa Singh, SLAY Coffee, Design Café, Bombay Shaving Company, Magic Crate, Pipa Bella, Azani, BluSpider, The Ayurveda Experience, Kapiva Ayurveda, Tasty Tales, AnKa SumMor and Ninety One Cycles(previously known as Frog Cycles) and Kwik 24.
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