Fireside Ventures, the consumer-focused venture capital firm, is in the advanced stages of raising $230 million (approximately Rs 2,000 crore) for its fourth fund (Fund IV), according to sources cited by Moneycontrol. This fundraise mirrors the amount raised for its third fund in 2022 and signals the firm’s steady growth strategy in India’s booming startup ecosystem.
“The work on the new fund has begun and Fireside is already meeting with its current limited partners (LPs) and other potential LPs,” one of the sources said. Limited Partners (LPs) are the institutional and individual investors who commit capital to venture funds.
While Fireside has historically relied on domestic investors, the firm is now actively engaging with more foreign LPs to diversify its investor base. “It will also help Fireside brand to grow,” a second source added.
The Bengaluru-based VC has filed to register its fourth fund with the Securities and Exchange Board of India (SEBI), regulatory filings show. However, the firm has not yet announced the timeline for its first close. Fireside Ventures did not respond to queries from Moneycontrol.
Fireside’s Journey and Investment Thesis
Founded in 2017, Fireside Ventures started its journey with a $52 million first fund in 2018. It expanded its corpus to $118 million for its second fund in 2021 and raised $225 million for its third fund in 2022. Fund IV, at $230 million, marks the firm’s largest fund to date.
Since inception, Fireside has backed 53 brands across the Indian consumer landscape, including Honasa Consumer (Mamaearth’s parent company), Boat, Yoga Bar, The Sleep Company, among others. The firm currently manages assets worth over Rs 3,000 crore, according to information available on its website.
VCs Riding the Fundraising Wave
Fireside’s fundraise comes amid a broader trend of venture capital firms in India securing large pools of capital. In 2025 alone, firms like A91 Partners have raised $665 million for their third fund, Accel secured $650 million for its eighth India-focused fund, and Bessemer Venture Partners locked in $350 million for its second India fund.
Interestingly, while firms like Bessemer and A91 have increased their fund sizes compared to previous rounds, others like Accel and Fireside have chosen to maintain similar corpus levels.
“The larger the fund, the more the pressure to deploy capital and then the return expectations also increase – hence we’ll see a lot of VCs opting to keep their fund sizes unchanged from last time,” a source told Moneycontrol.
The strategy behind maintaining fund sizes reflects a calculated approach. “Typically, a $300 million fund will have to 5X the invested amount — which translates to $1.5 billion in total returns — to qualify as a top tier fund. And making that kind of money is not easy, so it’s best to be more realistic with the fund sizes,” the source explained.
Conclusion
As India’s startup ecosystem continues to evolve, Fireside Ventures’ targeted fundraising effort highlights its confidence in the domestic consumer market and its aspiration to attract a global pool of investors. The firm’s fourth fund will provide the firepower to continue backing India’s next wave of consumer brands, while maintaining a disciplined, realistic investment strategy.