Fireside Ventures has announced the final close of its fourth fund at $253 million, securing commitments from a broad set of global investors, including the Abu Dhabi Investment Authority (ADIA), Investment Corporation of Dubai (ICD), US university endowments, and financial institutions such as HarbourVest, Waterfield, and Fidelity International. On the domestic side, the fund has attracted consumer-focused corporations like Sharrp Ventures, Mirabilis, and Emami, as well as several founders from India’s startup ecosystem.
Raised through a GIFT City feeder structure and India master fund, Fund IV achieved what founder Kanwaljit Singh described as an “optimal” capital mix, evenly split between global and domestic LPs—a shift from the firm’s earlier funds, which were primarily backed by Indian investors. “We felt that a good healthy mix of domestic and international partners is a very critical part of the foundation,” Singh said. “This ratio of about 50% global and 50% Indian was done more as a design and the way we feel can be the formula for our future funds.”
A brief overview of Fireside’s fund IV
Fund IV is Fireside’s largest fund to date. The firm raised about $52 million for its first fund in 2018, expanded to $118 million for Fund II in 2021, and closed $225 million for Fund III in 2022. With the close of the latest vehicle, Fireside’s assets under management now total $650 million across four funds.
The firm plans to deploy Fund IV over three to three-and-a-half years, making 10–12 investments annually, for a total of 30–35 companies. Initial checks will range from $1–2 million for approximately 20% ownership, with follow-on reserves of $8–10 million per company. One-third of the fund is earmarked for first cheques, while the rest is dedicated to follow-on rounds. The firm expects a 10-year life cycle for the vehicle.
Although Fireside is best known for backing companies from seed to Series A, it has recently been participating more actively in growth-stage rounds. Of the 174 investments Fireside has made since inception, seed-stage deals account for 87 (50%), followed by 51 Series A (29%), 26 Series B (15%), and 7 Series C or later (4%), according to Tracxn.
What did Vinay Singh say?
Co-founder and Founding Partner Vinay Singh noted that the core thesis remains unchanged despite these larger cheques: “Our entry point is Seed to Series A. That’s where we will focus. We want to be the first institutional check. However, there will be some later stage activity as well.” Fireside has been the first institutional investor in 74% of its portfolio companies.
The share of “winners”—portfolio companies generating positive returns—has also improved over time, rising from 50% in Fund I to 70% in Fund II, Singh added.
Fireside’s portfolio of 60-plus brands now generates over $1.6 billion in annual revenue and commands a combined market capitalisation of more than $7 billion, according to the firm. Notable companies include Honasa Consumer (Mamaearth), which listed in 2023; Yogabar, acquired by ITC the same year; and boAt, currently preparing for an Rs 1,500 crore IPO.
The firm has maintained a fast-paced deployment strategy, completing 22 deals in 2024 and 20 deals year-to-date in 2025, per Tracxn data. Recent investments include Newme’s $12 million Series B in November and Aukera’s $15 million Series B in June.
Going forward, Fireside aims to broaden its consumer investment thesis beyond urban millennials to target tier II+ consumers, tap into emerging channels like quick commerce, and back new consumer cohorts such as Gen Z. The firm will also explore categories spanning health and wellness to AI-enabled consumer brands, it said.