India's Fireside Ventures closes Fund III on $225m

LPs include fund-of-funds Waterfield, Self-Reliant India Fund, a government entity with a mandate to back small businesses. Investment Corporation of Dubai, SBI, PrejmiInvest, local conglomerates ITC and Emami, and Sharrp Ventures, the family office of the Harsh Mariwala family.

The plan is to invest in 25-30 Indian start-ups across health and wellness, lifestyle, and consumer goods. Fireside, which now has INR 30bn in assets under management, has built up a portfolio of 31 brands across its two earlier funds. The first closed on INR 3.4bn in 2018 and the second received commitments of USD 118m in 2021.

Fireside’s brands include audio and wearables brand boAt, mattress maker The Sleep Company, healthcare technology platform Fitterfly, skincare brand Mamaearth, snack foods player Yoga Bar, samosa specialist Samosa Singh, gourmet coffee brand Slay Coffee, male grooming business Bombay Shaving Company, recipe app Tasty Tales, and smart vending machine operator Kwik 24.

Singh started Fireside as a family office in 2014 and subsequently transitioned to a more traditional VC model. Fireside represents the third final close this year by a senior Helion alumnus.

Rahul Chandra’s Arkam Ventures – originally known as Unitary Helion – collected USD 106m for its debut fund in April. This was followed in August by The Fundamentum Partnership, established by Helion co-founder Sanjeev Aggarwal and Infosys co-founder Nandan Nilekani, securing USD 227m for its second fund.

“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,” said Singh in a statement cited by local media.

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• Topics
• South Asia
• Fundraising
• Venture
• GPs
• Consumer
• India
• Helion Ventures
• Fireside Ventures