Fireside Ventures raises $225M for its third fund

Early-stage venture fund Fireside Ventures has announced the closing of its third fund at Rs 1,830 crore ($225 million), which is the largest capital raised yet by the five-year-old firm.

Founded in 2017, Fireside Ventures invests in direct-to-consumer (D2C) brands, and had raised around $50 million for Fund I and $118 million for Fund II, respectively.

This fundraise comes amid the global slowdown in the funding environment. However, investors participating in the third fund of Fireside Ventures were predominantly domestic.

They include Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield - Fund of Funds, ITC Limited, Emami Limited, Sharrp Ventures, and several startup founders.

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The era of mega brands from Indian D2C startups has begun, says Kanwaljit Singh, Managing Partner at Fireside Ventures

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Fireside Ventures aims to invest in 25-30 digital-first consumer brands operating across health and wellness, edutainment, lifestyle, and FMCG sectors.

Kanwaljit Singh, Managing Partner, Fireside Ventures said, “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.”

Since its inception, Fireside has invested in 31 brands that include the likes of boAt, The Sleep Company, Fitterfly, Mamaearth, Yoga Bar, Samosa Singh, SLAY Coffee, Bombay Shaving Company, Tasty Tales, Kwik 24 etc.

According to the venture fund, the market for D2C brands in India is set to touch $100 billion by 2025, driven by trends like ecommerce penetration, widespread focus on health and wellness, and normalisation of virtual experiences—all of which were accelerated by the pandemic. It noted that in key categories like beauty and personal care, food and beverage, and fashion, D2C brands are competing alongside legacy players.

[Updated to correct sizes of Funds I and II.]