Fireside Ventures, an early stage venture fund focused on consumer brands, has announced that it has closed its first fund with a corpus of Rs 340 crore.
Fireside initially raised Rs 180 crore in May 2017 and it has invested in 10 companies. Now with this fund, the VC firm targets to invest in 20-25 consumer brand businesses over the next two to three years.
The Fireside fund is anchored by marquee investors: Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami, RP-Sanjiv Goenka Family Office, Sunil Munjal’s Hero Enterprise Investment Office and ITC.
According to Fireside Ventures managing partner Kanwaljit Singh, there has been a secular shift in consumer buying behaviour. The new consumer class i.e. the millennial shopper is looking for values from their products like authenticity, clean labels, ethical sourcing and production etc.