UAE sovereign funds Adia and the Investment Corporation of Dubai have backed Indian venture capital firm Fireside Ventures, which has raised 22.65 billion rupees ($253 million) for its fourth fund.
The consumer-focused VC said on Tuesday that the financing would be used to finance rapidly expanding new-age consumer brands in India.
The investment round was bankrolled by a mix of global and domestic investors as well as the UAE funds, including US university endowments and Fidelity International, among others.
Launched in 2017, Fireside Ventures manages assets worth $650 million across the four funds and backs more than 60 consumer brands. These include Honasa Consumer, the parent of skincare label Mamaearth, wearables maker boAt and mattress business The Sleep Company.
Rising incomes and rapid urbanisation are expected to fuel strong growth in India’s consumer market.
The country’s retail sector is forecast nearly to double to $1.93 trillion by 2030, according to a report by Deloitte and the Federation of Indian Chambers of Commerce and Industry.
Its online retail sector is projected to grow to $260 billion by 2030, from $75 billion in 2024.


