Early-stage consumer-focussed venture fund Fireside Ventures said on Tuesday it has invested in six new companies, taking the total number of firms in its portfolio to 18.
The six new companies are Azani Sports, Bog Orchid, The Ayurveda Experience, Kapiva Ayurveda, Tasty Tales and AnKa SumMor Foods, Fireside said in a statement.
Fireside didn't disclose the amount it invested in the companies. Last week, however, Kapiva Ayurveda had said it raised $2.5 million (Rs 17.8 crore) in a funding round led by Fireside.
“India is at the cusp of a great boom in consumerism and will see the emergence of several exciting new brands to cater to the large and growing millennial and Gen Z population,” said Kanwaljit Singh, managing partner at Fireside Ventures.
“This segment is looking for different sensibilities and product choices from their brands which startups are best suited to fulfil. And this, coupled with the rapid growth in infrastructure of ‘go to market’ options, both digital and organised retail makes it a unique and exciting ‘point in time’ opportunity for these brands,” said Singh.
Launched in 2017, Fireside Ventures had marked the final close of its debut fund at Rs 340 crore (about $52 million) in March last year.
Fireside Ventures invests in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products. The fund’s vision is to build 25 iconic consumer brands in the next 15 years.
The firm's portfolio includes Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, boAt, Mama Earth, Vahdam Teas, Magic Crate, Pipa Bella and Alpha Vector. It has deployed Rs 204 crore across 18 investments till date.
Fireside Ventures’ leadership includes venture partner Kannan Sitaram, partner Vinay Singh and finance chief Dipanjan Basu, who joined from fashion e-tailer Myntra last year.
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Azani Sports is an active-wear brand for sports apparel, compression gear and footwear. The company was founded in 2015 by Siddharth Suchde, Punith Kumar and Alfons Jose.
Tangy Turmeric Pvt. Ltd, which operates under the brand name Tasty Tales, sells ready-to-cook masalas and pastes.
Incorporated in 2018, the company was founded by Pavandeep Singh and Rinka Banerjee.
AnKa SumMor Foods Pvt. Ltd is a technology-enabled sales and distribution company offering a ‘go to market’ solution to millennial brands across sectors. It provides plug-and-play service to emerging brands to access the modern trade, supermarkets and specialty stores.
The company was founded in 2017 by Rajiv Joshi and Ashok George.
MGH Labs Pvt. Ltd has created a machine called Bog Orchid which uses non-toxic pheromones to attract, catch, and eliminate mosquitoes.
The company raised pre-series A funding from Fireside Ventures and early-stage investment firm Ventureast. It had raised seed funding from IIT Madras Incubation Cell.
Incorporated in 2016, the company was founded by Hemachandra Bhovi, Rajasekaran Gokul and Muthukumar Kumar.
The Ayurveda Experience is operated by Transformative Learning Solutions Pvt. Ltd. The company made its foray into ayurveda through the publishing of short educational courses on lifestyle, health conditions and disease management through ayurveda.
The company later launched brands iYura and Ajara to sell Ayurvedic formulations which address skin and wellness concerns.
Incorporated in 2010, the company was founded by Rishabh Chopra.