Fireside Ventures raises $253 mn for new fund to back consumer brands

India's Fireside Ventures has raised 22.65 billion rupees (around $253 million) for its fourth fund, the consumer-focused venture capital firm said on Tuesday, bolstering its plans to back the country's rapidly expanding new-age consumer brands. 

The fund drew investment from a mix of global and domestic investors, including U.S. university endowments, Abu Dhabi Investment Authority, Investment Corporation of Dubai and Fidelity International among others. 

Launched in 2017, Fireside Ventures manages assets worth $650 million across the four funds and backs more than 60 consumer brands, including Honasa Consumer, the parent of skincare label Mamaearth, wearables maker boAt and mattress company The Sleep Company. 

Rising incomes and rapid urbanisation are expected to fuel strong growth in India's consumer market. 

The country's retail sector is forecast to nearly double to $1.93 trillion by 2030, according to a report by Deloitte and the Federation of Indian Chambers of Commerce and Industry. Its online retail sector is projected to grow to $260 billion by 2030, from $75 billion in 2024.