Mamaearth & boAt’s investor Fireside Ventures launches 3.0 version at Rs 1,830 crore

Early-stage venture fund Fireside Ventures has closed its third fund at Rs 1,830 crore ($225 million) which is double the size of its previous fund. It will continue to invest in brands that are making products for India and beyond. 
 
Fireside Ventures was started in 2017. It is helmed by Kawaljit Singh, Vinay Singh, Kannan Sitaram and Dipanjan Basu. The fund is currently managing an assets under management of Rs 3,000 crore and is known for investing in new-age brands such as Vahdam, Slurrp Farm, Kapiva, 91 Cycles, Design Café, FS Life (erstwhile FableStreet), The Sleep Company, Gynoveda, Wellbeing Nutrition and Pilgrim. It is also an investor in iconic Direct-to-Consumer unicorns such as Mamaearth and boAt. 
 
Commenting on this development, 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 these brave new digital-first brands are creating, and we look forward to seeing them create even more value in the future.”
 
The third edition of this fund will invest in 25-30 digital-first and consumer-centric brands cutting across sectors such as health and wellness, edutainment, lifestyle, and FMCG. While “compelling products” will definitely be an important criteria on its checklist, the Fund III will also seek to invest in start-ups with “a strong purpose, responsible practices, and healthy governance.” 
 
This 3.0 version will have several prominent Indian and global investors to anchor it including the likes of Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield - Fund of Funds, ITC Limited, Emami Limited, Sharrp Ventures and several start-up founders.

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