ADIA, Fireside and others to invest over Rs 350 crore across premium consumer startups

Fireside Ventures-backed Beyond Appliances and Nat Habit, together with Accel-backed Uppercase, are all negotiating fresh funding rounds as investors continue to increase their exposure to premium consumer brands, betting that discretionary spending will remain resilient, multiple people aware of the developments told Moneycontrol.

ADIA in the consumer aisle, again

Beyond Appliances, a premium smart home appliances company, is in the advanced stages of raising a new Rs 120-170 crore round from the Abu Dhabi Investment Authority (ADIA) along with particiaption from existing investor Fireside Ventures and others, per sources.

“The company is being valued at Rs 300-350 crore post-money during ongoing negotiations,” one of the persons cited above said. Beyond Appliances had closed FY25 with revenues of Rs 28 crore, an increase from Rs 21 crore in FY24, and is yet to file its FY26 results, according to Tracxn, a private markets data provider.

It recorded losses of Rs 8 crore in FY25, an improvement from Rs 12 crore incurred in FY24.

Beyond Appliances and ADIA did not reply to Moneycontrol’s queries.

Interestingly, Bengaluru-based Beyond Appliances will be the second bet ADIA will make in the consumer space in India in a span of a few months.

ADIA, known for backing startups Purplle, Firstcry, Nykaa, and Lenskart, is also in the advanced stages of investing about Rs 120-170 crore in Troovy, a healthy snacks brand for children, per sources. Troovy is being valued at around Rs 400-500 crore post-money during ongoing negotiations, they added.

News website Entrackr also reported on Troovy’s round.

Interestingly, ADIA is a limited partner (LP) in Fireside Ventures, the VC fund said during its latest fundraise. Both Troovy and Beyond Appliances are Fireside portfolio companies.

An increasing number of venture capital firms are co-investing alongside their limited partners, allowing them to write larger cheques while ensuring portfolio companies have access to long-term capital from within the same investment ecosystem rather than relying on new investors.

This is the fourth set of consumer deals that Moneycontrol has reported about, a slew of other such startups are in the advanced stages of raising fresh capital.

Consumer startups fundraising deals reported by Moneycontrol

Trident Growth Partners joins the consumer party

Nat Habit, another Fireside Ventures portfolio company, is discussing a fresh funding round of around Rs 150 crore from Trident Growth Partners, sources told Moneycontrol. The fresh funds will be used to expand to stock keeping units (SKUs), geographical presence and more.

This will be among the early investments for Trident, which was started by former Premji Invest and IFC investment professionals.

If completed, this will be Nat Habit’s first large funding round since December 2023 when it raised from Sharrp Ventures, another key LP in Fireside Ventures, and others.

Nexus Venture Partners investing in Zepto along with its LP, the Stepstone group, is another key example where VCs and LPs have together invested in portfolio companies to take up larger ownership.

Nat Habit and Trident Growth Partners did not reply to Moneycontrol’s queries.

Accel-backed Uppercase, a luggage and travel gear maker, is in the advanced stages of raising around Rs 50-60 crore from India Accelerator, a multi-stage fund as it looks to expand presence and take its products to a wider set of users.

“It is also possible that other investors and existing backers join the round and upsize it, but a deal with India Accelerator for Rs 50-60 crore is almost a done deal,” one of the persons cited above told Moneycontrol.

Uppercase and India Accelerator did not reply to queries.

The pickup in deal activity underscores investors' growing preference for premium consumer brands, which continue to benefit from resilient discretionary spending despite uneven demand across the broader consumption landscape. While mass-market consumption remains under pressure, brands catering to affluent consumers are attracting a disproportionate share of capital, analysts concluded.

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Find the best of Al News in one place, specially curated for you every weekend.

Stay on top of the latest tech trends and biggest startup news.