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Moneycontrol was first to report about the shift in LP base and Fireside’s latest fundraise in April.
Fireside has raised money largely from domestic LPs but is now looking to have more foreign investors come in
Fireside Ventures founder and managing partner talks about his hypothesis of starting a consumer fund when tech platforms were the rage among venture investors, D2C acquisitions by FMCG majors, navigating quick commerce, and more
Be it cookies, ketchup, snacks or personal care and beauty products, most people can recall just 5-6 names but are unable to think of companies beyond that, the two investors said.
The startup will use the money to begin offline operations, invest in technology and grow its healthcare services, including Supertails Pharmacy.
The VC firm invests in companies that will eventually get rewarded by public market investors. It puts in place a head of finance from the early days and head of people functions at its portfolio companies, said Dipanjan Basu, co-founder and partner.
While the company did not reveal its valuation, sources had earlier told Moneycontrol that The Sleep Company is likely to be valued at around $180 million, a significant premium from its previous valuation of around $120-130 million.
Sellers and buyers were not immediately known but Fireside Venture is the likely seller. It owned a 7.57 percent stake in Honasa Consumer, the company's November 3 shareholding data showed
The fund-raise comes at a time when competition in the mattress space is heating up, even Wakefit is likely to raise $15-20 million from Elevation Capital
The Bengaluru-based startup said it would use the fresh funds to strengthen its tech platform, expand its team size and reach newer locations in the country. The company however did not comment on its valuation.
The brand aims to reach 100 million people over the next year by driving awareness digitally and leveraging HUL’s capabilities
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Fireside Ventures is the latest VC firm to raise a large India-dedicated fund, joining the likes of Sequoia Capital, Accel, Elevation Capital and Matrix Partners
This is Amazon Smbhav’s first health tech investment in India.
TBD clocked sales of Rs 30 crore in 2021-22, with over 3 lakh orders month on month. It has also been EBITDA positive for the last two years.
The funding will primarily be used for expanding 10Club's portfolio of brands, investing in building its technology stack, and for working capital purposes.
Venture Partner Kannan Sitaram says all FMCG companies are doing much better during COVID days than during pre-COVID days. There is a pent-up demand for almost all products. Consumption has increased, with people working from home, he says.
Some companies catering to millennials are seeing their revenues return steadily to pre-COVID levels, says Fireside’s Kanwaljit Singh.
Singh who has a penchant for consumer brands quit Helion in 2014 when the Gurgaon based fund decided to focus mostly on technology startup investments.
The maiden fund from Fireside has also received commitment from WestBridge capital and Emami, a statement said.
