India-based venture capital firm Fireside Ventures has closed its second fund at Rs 8.63bn ($118m), raising capital from limited partners (LPs) including India-based adhesive manufacturer Pidilite Industries, VCCircle has reported.
The firm initially targeted $100m for Fireside Fund II and secured $60m for its November 2019 first close, having picking up a commitment from cosmetics producer L’Oréal’s Bold fund two months earlier.
The fund’s LPs also include Investment Corporation of Dubai, Small Industries Development Bank of India, Nippon India Digital Innovation AIF Fund, PremjiInvest and Bajaj Holdings and Investment.
Founded in 2017, Fireside Ventures focuses on early-stage investments in consumer companies and has so far made four investments out of Fireside Fund II, in companies including yoga studio operator Sarva and menstruation management app developer Gynoveda.
Fireside Ventures partner Dipanjan Basu said that between 30% and 40% of the fund’s LPs are existing investors. Its first fund closed at just over $50m in 2018, with backing from conglomerates RP-Sanjiv Goenka and ITC, cosmetics provider Emami and Unilever Ventures, part of consumer products manufacturer Unilever.