Shopper-focused enterprise capital agency Fireplace Ventures has closed its fourth fund at ₹2,265 crore ($253 million), with 50 per cent of commitments coming from international restricted companions.
These companions included US college endowments and sovereign wealth funds equivalent to Abu Dhabi Funding Authority (ADIA) and Funding Company of Dubai (ICD).
Home establishments together with HarbourVest, Waterfield Advisors, Constancy Worldwide, Sharrp Ventures, Mirabilis, Emami Restricted and a number of other startup founders have additionally participated.
“This time, 50 per cent of the capital got here from international LPs and the remaining was from home ones,” mentioned Kanwaljit Singh, Founder & Managing Accomplice, Fireplace Ventures. He added that returning LPs and new international establishments mirror rising confidence in India’s shopper model alternative.
The fund is already being deployed, with Fireplace anticipated to shut 10–12 offers a yr. The agency, which historically backs startups on the seed and pre-Sequence A phases, is now increasing follow-on cheque sizes to Sequence A rounds as a part of its broader thesis of being “founder-first” and serving to construct manufacturers from the bottom up.
“Fund IV permits us to proceed doing what we worth deeply — working with founders who’re constructing India’s subsequent era of iconic shopper manufacturers,” Singh mentioned. “The setting round us is evolving quick, however the rules of constructing enduring manufacturers stay the identical.”
Fireplace has strengthened its value-creation engine by means of its Centre of Excellence (CoE), which offers portfolio help throughout go-to-market, model constructing, ESG and company growth. Since its inception in 2017, Fireplace has backed over 60 shopper manufacturers, performing as the primary institutional investor in additional than 74% of them.
The agency’s portfolio collectively clocks $1.6 billion in income and is valued at greater than $7 billion, with about 50 per cent of its firms already crossing the ₹100 crore ARR mark.
Fireplace’s investments embrace Honasa Shopper (Mamaearth, The Derma Co), boAt, The Sleep Firm, Slurrp Farm, Pilgrim, Candy Karam Espresso, The Good Bug, NewMe and Traya.
With Fund IV, Fireplace’s whole property beneath administration now stand at ₹5,300 crore ($650 million), consolidating its place as considered one of India’s largest shopper brand-focused enterprise platforms.
Revealed on December 2, 2025
