This is the first time L’Oreal has made an investment in a homegrown VC fund as it looks to tap the fast-growing consumer brand startups in the country.
With this, Fireside Ventures is expected to make its first close of the fund at $60 million (Rs 432 crore), people aware of the matter said. The total size of the fund is expected to be $100 million (Rs720 crore) in size. This investment was done through L’Oréal’s corporate venture capital fund called Bold.
Fireside’s first fund of $50 million (Rs 360 crore) counts Unilever Ventures, Mariwala (promoters of Marico) family office, Emami and Flipkart co-founder Binny Bansal as their limited partners-who invest in funds. Amazon India head Amit Agarwal and Oyo’s South Asia CEO Aditya Ghosh are among advisors of the fund.
Started by Kanwaljit Singh in May 2017, Fireside typically invests around $1 million (Rs 7 crore) in its portfolio companies initially and then participates in the follow-on rounds. Consumer electronics brands like Boat, male grooming products maker Bombay Shaving Company, Tasty Tales (ready to cook masalas and pastes), Bog Orchid (mosquito killer), and Azani (sportswear) are some of its portfolio companies.
“Together we intend to scout and co-create a new generation of innovative beauty products, built-in India for global consumption and in faster time frames. We at Fireside understand the highly specific needs of a consumer startup and hence continue to invest in building an ecosystem of deep domain specialist mentors and strategic partners that can help entrepreneurs to scale,” said Singh.