UAE sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and the Investment Corporation of Dubai (ICD) have participated in a significant funding round for Fireside Ventures, an Indian venture capital firm specializing in consumer brands. The investment is part of Fireside’s newly closed fourth fund, which successfully raised 22.65 billion rupees ($253 million).
Strategic Investment in India’s Consumer Boom
The new fund will be deployed to support rapidly scaling new-age consumer brands within India, a market demonstrating explosive growth potential. Fireside Ventures’ latest financing saw participation from a diverse group of global and domestic investors.
Alongside the strategic backing from ADIA and ICD, the round was supported by prominent international LPs including US university endowments and Fidelity International, signaling strong global confidence in both the Indian market and Fireside’s investment thesis.
Tapping Into a Trillion-Dollar Market
The investment from the UAE funds comes as India’s consumer market is projected for substantial expansion, driven by rising incomes and rapid urbanization. According to a joint report by Deloitte and the Federation of Indian Chambers of Commerce and Industry, the country’s retail sector is expected to nearly double, reaching $1.93 trillion by 2030.
The digital commerce space is also on a steep upward trajectory. India’s online retail sector is forecast to grow from $75 billion in 2024 to $260 billion by 2030, presenting a lucrative opportunity for investors focused on direct-to-consumer brands.
About Fireside Ventures
Launched in 2017, Fireside Ventures is a consumer-focused venture capital firm that manages assets worth $650 million across its four funds. The firm has a portfolio of over 60 consumer brands, including several notable success stories such as Honasa Consumer, the parent company of skincare label Mamaearth; wearables giant boAt; and mattress and sleep solutions business, The Sleep Company.
Source: agbi
