French personal care major L'Oréal has announced an undisclosed amount of investment in Fireside Fund II, the second investment fund managed by Fireside Ventures.
L'Oréal said, with the latest investment, it aims to support innovative Indian consumer brand startups that emerge driven by the country’s dynamic digital ecosystem and new consumer needs.
Amit Jain, Managing Director, L’Oréal India, said,
“India is a strategically important market for L’Oréal and a great place for innovation. With this investment, L’Oréal will further connect to the dynamic ecosystem of Indian startups and work with them on emerging consumer needs to co-create tomorrow’s beauty trends.”
The investment was done through L’Oréal’s corporate venture capital fund BOLD (Business Opportunities for L’Oréal Development), which was launched in December 2018. It is an addition to L'Oréal's previous investments in the venture capital ecosystem including Partech Africa, Founders Factory, and Raise Ventures, the company added.
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Kanwaljit Singh, Managing Partner at Fireside Ventures said,
“We are excited to have L’Oréal as a partner in our vision to champion the next generation of beauty entrepreneurs. Together we intend to scout and co-create a new generation of innovative beauty products, built in India for global consumption and in faster time frames. Our partnership with BOLD is a testament to the growing trend in the consumer space in India and our commitment to introduce, mentor and build Rs 100 crore brand in the next few years.”
Launched in May 2017, the fund invests in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products, etc.
Fireside is anchored by a slew of marquee investors, including Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami Ltd., RP-Sanjiv Goenka Family Office, Sunil Munjal’s Hero Enterprise Investment Office and ITC Ltd.
Its current portfolio of 18 brands include Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, boAt, Mama Earth, Vahdam Teas, Magic Crate, Pipa Bella, Azani, Bog Orchid, The Ayurveda Experience, Kapiva Ayurveda, Tasty Tales, Anka Sumore and Alpha Vector.
One of Fireside’s early investments, Kwik 24, was acquired by Bigbasket last year.
According to media reports, the total size of its second fund is expected to be $100 million. The VC firm’s first fund had a corpus of approximately $48 million.
(Edited by Megha Reddy)