Consumer startup growth isn't at deep tech's expense

Fireside Ventures, an early backer of D2C brands such as Mamaearth and boAt, is now eyeing opportunities in the travel and sustainability space. In this interview, co-founder and partner VS Kannan Sitaram tells Narayanan V about its fundraising plans, slowdown in consumer startup IPOs and more.

- VS Kannan Sitaram, Co-founder and Partner, Fireside Ventures

wise. Plus, they generate significant tax revenue in the forms of GST and income tax. I don't think backing consumer startups and supporting deep tech are mutually exclusive. The better question is: why don't we see more deep tech startups? Is it that they're not being created, or are they being built but not noticed? That's something that I don't have an answer for.

Will Fireside invest in deep tech startups?

There are plenty of investors who back both deep tech and consumer startups—and there's enough capital available for both. That said, at Fireside, we won't be investing in deep tech. Our mandate is clear: we raise capital from our limited partners (LPs) specifically to invest in consumer businesses. Our focus will firmly remain on digitally-oriented, capital-efficient consumer companies. Within that space, we're actively exploring different sectors and opportunities.

What are the sectors you're focusing on?

We have backed consumer startups across categories like beauty and personal care, platform enablers, and food and beverage. One key area of interest for us is health and wellness. We're seeing a strong shift—especially among millennials and Gen Z—towards prioritizing health and wellbeing. A visible early trend in this space is the growing demand for supplements.