France-based consumer goods producer L’Oreal has made its first commitment to an India-based venture capital firm, as a limited partner in Fireside Ventures’ second fund, Times of India has reported.
Fireside Ventures expects to raise $60m for the first close of the fund, which has a $100m targeted close. L’Oreal provided an undisclosed amount through its Bold Business Opportunities for L’Oréal Development unit.
The firm’s $50m first fund included contributions from Unilever Ventures, the corporate VC arm of consumer goods provider Unilever, as well as cosmetics producer Emami, family office Sharrp Ventures and Binny Bansal, co-founder of e-commerce firm Flipkart.
