India’s Fireside Ventures announced on Tuesday that it has raised ₹22.65 billion (approximately $253 million) for its fourth fund, strengthening its capacity to invest in the country’s rapidly growing new-age consumer brands.

The fund attracted commitments from a mix of global and domestic investors, including U.S. university endowments, the Abu Dhabi Investment Authority, the Investment Corporation of Dubai, and Fidelity International, among others.

Founded in 2017, Fireside Ventures now manages assets worth $650 million across its four funds. It has backed more than 60 consumer brands, such as Honasa Consumer (parent of skincare label Mamaearth), wearables maker boAt, and mattress company The Sleep Company.

The firm’s latest fund arrives as rising incomes and rapid urbanization are expected to drive significant expansion in India's consumer market. According to a report by Deloitte and the Federation of Indian Chambers of Commerce and Industry, India’s retail sector is forecast to nearly double to $1.93 trillion by 2030. Its online retail segment is projected to grow from $75 billion in 2024 to $260 billion by the end of the decade.