Mumbai: Fireside Ventures, an early-stage consumer brand-focused venture capital fund, on Monday announced the first close of its maiden fund with commitments of Rs180 crore, the firm said in a statement.
The firm plans to raise a total of Rs300 crore.
Fireside was started by Kanwaljit Singh, who was previously associated with early-stage venture capital firm Helion Venture Partners. Singh has experience of almost 30 years in consumer marketing and venture investing space in companies like Hindustan Unilever (HUL), Intel and Carlyle Group. Singh was one of the co-founders of Helion Ventures before starting Fireside.
Some of the brands he has invested in include Paper Boat, ID Fresh, Epigamia, Hokey Pokey, Yogabar, Goodness Beverages, Licious, Mama Earth, Vahdam Teas and Fable Street.
The fund will invest in consumer brands across sectors such as food and beverages, personal care and home products.
The first close of the fund saw participation from investors such as Premji Invest, Mariwala family office, WestBridge capital, RP-Sanjiv Goenka group and Emami Ltd.
Avendus Capital acted as the exclusive advisor for Fireside Ventures in the fund-raise.
“We are aiming to become a top tier venture investor in the consumer brands space providing not only the much needed early stage capital to these exciting companies but also provide support through in house resources and an advisor and partner network. The fund will invest across multiple stages in these companies from inception till series A, and leverage the network of these marquee investors for additional co-investment requirements," said Singh.
According to Singh, the timing is right for multiple consumer brands to be built in India over the next decade. This trend is driven by growing consumer aspirations for better quality and branded products across categories, the growth of modern trade and online channels and the quality of entrepreneurs starting these businesses, he said.