Sovereign wealth funds from the UAE, including the Abu Dhabi Investment Authority and the Investment Corporation of Dubai, have invested in the Indian venture capital firm Fireside Ventures. The company raised 22.65 billion rupees, approximately USD 253 million, for its fourth fund.
Fireside Ventures said the funding will be used to support India’s fast-growing new-age consumer brands.
The investment round included a mix of global and local investors, such as US university endowments and Fidelity International, in addition to the UAE sovereign funds.
Since its launch in 2017, Fireside Ventures has grown to manage around USD 650 million across its four funds and has backed more than 60 consumer-brand companies, including Mamaearth, wearables firm boAt, and mattress company The Sleep Company.
Rising incomes and rapid urbanisation are expected to drive strong growth in India’s consumer market. Reports estimate that the country’s retail sector could nearly double to USD 1.93 trillion by 2030.
India’s online retail sector is projected to grow from USD 75 billion in 2024 to about USD 260 billion by 2030.
