Exclusive: Fireside Ventures Sees Another Key Exit, Days After Cofounder Vinay Singh

Consumer tech focussed venture capital firm Fireside Ventures has seen a second exit from its leadership and investment team in two weeks. 

Prayag Mohanty, principal at Fireside Ventures, who led its early-stage bets, has quit the firm, Inc42 has learnt from multiple sources.  

His exit follows a bigger leadership change at Fireside Ventures. Earlier this month, the firm said that cofounder and partner Vinay Singh has stepped down after nearly a decade at the firm.

Responding to Inc42’s query, Fireside Ventures confirmed Mohanty’s exit. “Prayag Mohanty is moving on from his role of Principal at Fireside Ventures. We value his contributions made during his time with us, and wish him the best in his future endeavours,” Fireside said in a statement to Inc42.

Another Blow For Fireside 

Mohanty joined Fireside Ventures as a Principal in January 2020. He was one of five principals listed on the firm’s investment team, alongside Ankur Khaitan, Shuchi Pandya, Varun Varma and Ankita Balotia. 

As a principal leading Fireside’s early stage investments, Mohanty fronted several of the firm’s seed stage bets over the past year, including a ₹8 Cr round in Gurugram-based men’s personal care brand Unbound, a ₹20 Cr round in Noida-based Oroos Confectionery and another ₹8 Cr seed round in kids wellness startup Wellopia.

In earlier media reports, he was quoted as saying that Fireside Ventures is ramping up investments in pre-product-market-fit and even pre-revenue startups through a co-investment model with other funds and angel investors, with 8-10 such deals in the pipeline from the new third fund.

Before Fireside, Mohanty had spent about seven years as a principal at IvyCap Ventures from 2013 to 2020, and was involved in deals for listed jewellery giant BlueStone, BiryaniByKilo and Vinculum. 

The key departures come less than a year after Fireside announced the final close of its Fund IV at ₹2,265 Cr (about $253 Mn) in December 2025. With Singh’s exit, the firm is being led by founder and managing partner Kanwaljit Singh and cofounders and partners Kannan Sitaram and Dipanjan Basu.

The fund drew commitments from LPs including the Abu Dhabi Investment Authority (ADIA), Investment Corporation of Dubai, HarbourVest, Waterfield and Fidelity International. With Fund IV, Fireside’s assets under management across four funds stand at ₹5,300 Cr (about $650 Mn). 

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