L'Oréal on Thursday announced investing an undisclosed sum in Fireside Fund II, the second investment fund managed by Fireside Ventures, a venture fund started in May 2017 and focused on consumer brands across the country.
"India is a strategically important market for L’Oréal and a great place for innovation. With this investment, L’Oréal will further connect to the dynamic ecosystem of Indian startups and work with them on emerging consumer needs to co-create tomorrow’s beauty trends," Amit Jain, managing director, L’Oréal India, said in a statement.
“We are excited to have L’Oréal as a partner in our vision to champion the next generation of beauty entrepreneurs. Together we intend to scout and co-create a new generation of innovative beauty products, built in India for global consumption and in faster timeframes," Kanwaljit Singh, managing partner at Fireside Ventures, said.
"Our partnership with BOLD (Business Opportunities for L'Oréal Development) is a testament of the growing trend in the consumer space in India and our commitment to introduce, mentor and build Rs 100 crore brands in the next few years,” Singh added.
Founded in 2017, Fireside Ventures has attracted investments from Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami Ltd., RP-Sanjiv Goenka Family Office, Sunil Munjal’s Hero Enterprise Investment Office and ITC Ltd.
The fund invests in consumer brands across sectors, including food and beverages, personal care, lifestyle and home products etc.
First Published: IST