French cosmetics giant L'Oréal said on Thursday it has invested in the second fund of consumer-focussed venture capital firm Fireside Ventures, in its first Limited Partner-style bet in India.
L’Oréal’ made the investment through its corporate venture capital fund, BOLD Business Opportunities for L’Oréal Development, it said in a statement without disclosing financial details.
Amit Jain, managing director at L’Oréal India, said the investment will help the company work with Indian startups to co-create new beauty trends.
Kanwaljit Singh, managing partner at Fireside Ventures, said the partnership “is a testament of the growing trend in the consumer segment in India and our commitment to introduce, mentor and build Rs 100-crore brands” in the next few years.
Fireside Ventures is aiming to raise $100 million in its second outing, according to a media report. It had announced the final close of its debut fund at $52 million in March 2018.
The VC firm was founded in 2017 and has invested across segments including personal care, processed foods, lifestyle and home products. Its portfolio includes Yoga Bar, Samosa Singh, Bombay Shaving Co., Mamaearth and Vahdam Teas.
There are a few other consumer-focused venture capital firms in India including DSG Consumer Partners, Sixth Sense Ventures and the recently launched Sauce.vc.
Last month, DSG Consumer Partners, which invests in consumer brands in India and Southeast Asia, marked the final close of its third fund at $65 million (Rs 465 crore), overshooting the target of $50 million.
Sixth Sense Ventures marked the final close of its second fund at Rs 515 crore, higher than the target of Rs 350 crore, last year.
Sauce.vc was floated earlier this year by former 3i executives.