Fireside Ventures’ Cofounder & Partner Vinay Singh To Step Down

Fireside Ventures’ cofounder and partner Vinay Singh is stepping down from the investment firm after a nearly decade-long stint.

In a statement, the venture capital (VC) firm said that Singh would “transition out of the firm”. The consumer-focused fund has so far not named his successor.

On his future course of action, Singh said that he now plans to explore the “frontiers of agentic commerce and its implications for the future of consumption”.

“… As AI reshapes commerce faster than most of us expected, I want to spend more time exploring the frontiers of agentic commerce and its implications for the future of consumption. I am excited for this next chapter, and deeply grateful to the Fireside family, and to every founder and LP (limited partner) who trusted us on this journey,” said Singh.

An alumnus of IIM Bangalore, Singh counts nearly two decades of experience under his belt. He previously worked at companies like Hindustan Unilever and Bankbazaar. He earlier also cofounded car servicing platform Stepni, which was later acquired by Quikr.

He eventually cofounded Fireside Ventures alongside Kanwaljit Singh, Kannan Sitaram and Dipanjan Basu in 2017. Over the past decade, the VC firm has emerged as one of India’s biggest consumer-focused venture funds and counts more than 65 startups in its portfolio. 

It currently claims to oversee more than $650 Mn in assets under management across four funds. The VC firm last closed its fourth fund at about $253 Mn in December last year. The investment firm currently claims to be helmed by a team of 12 principals and vice presidents.

The development comes as a host of seasoned fund managers depart major VC firms to set up their own funds. Earlier this year, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma quit Peak XV Partners to establish their own fund, Mettle Capital. 

Private equity (PE) firm L Catterton’s partner and co-head of India investments, Anjana Sasidharan, also stepped down from the company in March this year to set up Asthrum Capital. Another former Peak XV trio, comprising Shailesh Lakhani, Harshjit Sethi and Mayank Porwal, has launched Ambition Capital and is looking to raise $250 Mn for the maiden fund. 

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